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