Loan Question « auto loan rates

September 12, 2010

Credit/Auto loan question?

Cheyenne asked:

I am looking into getting a loan for a new car. I’m being told that my interest rate is 15%. That seems high to me. There are 3 negative marks on my credit report but all were under $500 and have since been settled. I have had an auto loan for 7 years and have never been late on a payment. I just opened a small limit credit card and pay it off each month. Should my interest rate really be that high?

Also if I open a savings account at a credit union how soon would I be able to get a loan through them?

Thanks for any advice
Yes, the dealership is finding the lender. My previous lender was Chrysler and they will only finance Chrysler vehicles so I can’t go through them. The dealership actually told me that several banks flat out denied me. I have a copy of my credit report and it’s not all that bad. I’m going to call the credit union today.

Colleen

Comments (5)

August 11, 2010

Auto loan question on new purchase?

Filed under: Buying & Selling — Tags: Auto Calculators, Auto Loan Calculators, Auto Purchase, Crap, Finance Charge, Interest Rate, Loan Question, Math, Payed, Sales Contract, Third Party — @ 10:16 pm

darkwizard3533 asked:

i just got an auto loan for $8200 with 6.25% APR. sounds good right? well heres the problem. on the sales contract listing the financing details heres whats listed:

term is 60 months, 6.25% APR, $8200 financed. thats well and good.

but heres the swirly part. Finance charge is listed as $4280. this is supposed to be based off APR and amount financed and this value from what ive found is way to high.

this results in my payments being about 48 dollars higher,a nd as a result my total price payed at the end of the of the 5 years is $12480.

the auto loan calculators ive tried online show payments of $159

the contract shows $208 payments. the problem appears to be the finance charge as being calculated way to high. everything ive found
points to it being way to high.

this is supposed to be financed through a third party, a credit union. the dealer was supposed to set things up for me. seeing as the math is completely screwed, but im only getting $8200 financed at 6.25% apr through the credit union im curious as to how this is gonna work out. the dealers contract shows one things, but everything else shows another.

i have a separate sale contract showing the final price of $8200 after tax title and my down payment. so what i owe and the interest rate can’t be disputed. but the financing numbers on the other contract are bogus.

of course this is the day after. go me i wait till now to research this crap.

Duane

Comments (2)