Phillyfan23 asked:
In investigating some auto loan potentials for me, a poor credit borrower…here was one proposal i saw…
In investigating some auto loan potentials for me, a poor credit borrower…here was one proposal i saw…
The amount financed …car and taxes …would be 17,848
The interest rate is 18%, and it lists finance charge as 11,663.71 for a total of 29,512…its a 72 month term
The rate i expected as with my credit its in line with what it should be…but does that seem right for the total charges, i mean the total finance charges is over 50% of the total cost…
I’m not sure how they calculate interest in these things, but can someone with knowledge help me out to see if i’m not being burned besides the interest rate?
Carla
Carrie
Nope thats right. Thats the power of interest. There are a number of interest calculators, just google it. Financing consumer goods is a bad idea.
Comment by The Champ — August 17, 2010 @ 11:16 am
Sheila
I would not finance a car at 18%. I can tell you that with a bankruptcy and a score of 680, I can qualify for $20,0000 at 3.75% APR for 72 months at my local credit union. I’m certain you’ll do better to arrange the financing on your own, because the dealer marks up the loan so they can increase their profit margin.
Comment by John T — August 20, 2010 @ 10:12 am
Hazel
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Comment by Vinnet — August 22, 2010 @ 5:32 am
Gregory
Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – carinsurance.yoll.net
Comment by William — August 24, 2010 @ 10:19 am