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Jesus Hubert Christ

Discussion in 'Members' Lounge' started by Battle Pope, Sep 13, 2005.

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  1. Battle Pope

    Battle Pope New Member

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    I just found out that for me to get a car loan on a 1995 Civic DX I would be paying... wait for it...

    16.5% interest.

    Mother of God.
     
  2. Drake

    Drake Well-Known Member VIP

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    Good lord! Why is it so damn high? Is your credit fubar? Thats nuts dude, just go rob the place and tell them how it is.
     
  3. Bob Vila

    Bob Vila ɐןıʌ qoq Admin VIP

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    Yeah, even CU's are getting a little ridiculous for new and used car loans. Hell, my new truck was at 5.5% and thats with top tier credit. Interest rates are going through the roof on car loans. :(
     
  4. Battle Pope

    Battle Pope New Member

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    It's at my credit union, where I've been a member for 3 years or so.

    It's not bad credit, just lack of credit. I haven't really established a credit score yet.

    Even with my grandmother cosigning for me it would be 9.5%. It's nuts.
     
  5. phyregod

    phyregod !!YTINASNI

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    Its a 10 year old car. Banks don't want to make loans on old cars.. Ask em about a 2005 honda civic, I bet your interest drops to half.
     
  6. b204dr

    b204dr Senior Member

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    thats what happens when you want to get a loan on an old ass car-
    if you get some thing newer you will get lower rates - brand new is about 5% right now unless you get a dealer special rate
    I got o%
     
  7. TurboMirage

    TurboMirage YEEAAAHHH VIP

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    with no cosigner, i was paying 14% on my civic, which was 3900.

    december 2002... i juuuust paid it off early last week.
     
  8. Celerity

    Celerity Well-Known Member

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    oh my god, you were STILL paying on the Civic ?!

    Also, that interest isn't bad. In 1995 I financed a 1991 NX2000 for 18%. I managed to squeek out of that one with all my fingers and toes by chance of pure luck.

    -> Steve
     
  9. Celerity

    Celerity Well-Known Member

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    Also, that means that when you're done paying for the 95 Civic, you will have given the bank almost $20,000.

    Tell me how that makes you feel.

    Wait till you buy a house, then you'll have a true hatred for banking. (Typically, a $200,000 house will cost you almost $1,000,000 when you're done paying for it)
     
  10. Seany-izzle

    Seany-izzle New Member

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    In a fucking house.
    how much cash do you have? take a loan out for the exact amount then pay it all at once, thats a way to get higher credit. also, do you have a credit card?? if not, pick one up and charge little things on it, save the money to pay for it, then pay your monthly statement off in one lump sum, higher credit.
     
  11. dohcvtec_accord

    dohcvtec_accord WRX Sellout

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    Indeed.

    Financing my $153,000 condo (I think I financed about $145,000) led to the truth-in-lending disclosure of nearly $350,000. Christ on a crutch.
     
  12. Bob Vila

    Bob Vila ɐןıʌ qoq Admin VIP

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    WTF are you talking about?

    A 1995 Civic retails for what? 4k give or take? At 16.5% he is paying about 1400 dollars in interest, bringing him to about 5400 bucks give or take.

    And as far as a 200k house costing 1million...NO...

    at 6% over 30 years you are paying approximately $231,700 for the interest in the house. Don't spew BS unless you are sure you are correct. Kthxbye.
     
  13. pissedoffsol

    pissedoffsol RETIRED

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    :owned:

    i was about to type the same shit.
     
  14. Celerity

    Celerity Well-Known Member

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    At a good rate of 6%, you will pay about 3 times the asking price for that house.

    No one said "6% over the life of the loan". It's 6% every payment.

    Do the math. 30 year loan, 12 months a year - with $10k down on a 240k house ($230k) it's $1700 a month with no points. $612,000 total.

    IT's about 3 times what you think you are paying. Do the math.
     
  15. pissedoffsol

    pissedoffsol RETIRED

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    considering i'm looking at the same price range, its more like 1200 a month for a 225k house. with that DP
     
  16. dohcvtec_accord

    dohcvtec_accord WRX Sellout

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    I gotta side with Celerity on this one (as much as it pains me to do so :p ). Look at my post above. That's making minimum payments over the life of the loan (30-year fixed). ARM's can be even more, while shorter-term loans will have a smaller "total".
     
  17. Battle Pope

    Battle Pope New Member

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    My grandmother decided that she didn't want to let me pay that interest rate so she's loaning me the money interest-free.

    I'll be getting the car for 2800 plus about 200 for plates/reg/title.
     
  18. Celerity

    Celerity Well-Known Member

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    This is why "The first 2 years of payments are interest only" and "it takes a few years to build the equity, before you can sell at a profit".

    You will spend years, 2 if you're lucky (with a good deal from the bank, good credit and a decent percentage) to get into the principle payments. The quicker you can build equity to overcome the interest / loss ratios the sooner you'll be in Principle payment territory.

    I found this very recently, and I hit the roof. I thought "How does ANYONE buy a fuckin house ?!" The odds are with the house, and your real estate told you that you will come out on top because they need to make a sale.

    No, a 225k house will NOT come to $1200. Regardless - Don't give a SHIT - what that lying real estate asshole told you. They were lying to you, and you will see that when it comes time to sign papers and suddenly your monthly payment balloons to $1600 a month.

    Sorry, I'm not going to win this argument because what I have to say is VERY negative, and frustrating. But you will see - When you actually DO buy the house and have keys in your hand. The math all comes out, and with interest rates going up, the minimum downpayments coming down (80%-20% loans) and the new idea that you can't EVER save up $50k on your own - You'll find that owning a 240k house WILL bring you to $1,000,000 at the end of the loan term.

    -> Steve

    Sorry to be the bearer of bad news - and I understand all of you foaming at the mouth at me. If this were 4 weeks earlier - I WOULD have foamed at the mouth and bad-mouthed the Ol' Celster too. But what I say is true.
     
  19. pissedoffsol

    pissedoffsol RETIRED

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    Your Monthly Payment for 30 Years

    for an Interest Rate of 6.000 %

    on a Loan Amount of $ 250,000.00:$ 1,498.88 a Month

    and that is with NOTHING down.
    at MORE than the numbers you are talking, and its STILL not 1700.

    http://www.mortgage-calc.com/mortgage/simple.php
     
  20. corvetteguy

    corvetteguy Senior Member

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    i got my 15000 loan for 5.5% on my 1994 vette from E-loans
     
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