Bad Credit Car Financing?

[Briansol]

seriously... 20% interest is absurd.

anything over 10 is absurd, really.
7 is average

 

[corvetteguy78]

seriously... 20% interest is absurd.

anything over 10 is absurd, really.
7 is average

6.25% on my Audi witha 718 credit score

 

[BodyDroppedNikes]

i pay $310/mth on a 5 year loan for my Mazda.

why am i paying 20%? well i have bad credit and im trying to build it back up plus i needed a 2nd vehicle to drive while my truck is (or in the case now....was) down.

 

[Lee7pcNOOb]

well i just wanted a new car and to start building my credit back up early instead of paying cahs and waiting 7 years... so im willing to take the 20% interest rate
Plus how bad could 20%intr 5 years on 7000 dollar be per month, at most i would try for 3 year financing or take the 5 year and pay it off in 2. I will check with some local bank and credit unions. IM in the texas arlington by the way.

 

[Briansol]

20% int on 7000 means.

Total Repaid: $11127.60
Total Interest Paid: $4127.60
Interest as percentage of Principal: 58.966%


your 7k car became 11 grand.

 

[Lee7pcNOOb]

20% int on 7000 means.

Total Repaid: $11127.60
Total Interest Paid: $4127.60
Interest as percentage of Principal: 58.966%


your 7k car became 11 grand.

Hmmm, just wondering how you got 11 grand? is that without a down payment or just 700 grand with a str8 up 20% rate, this is ganna be my first time financing so im curious
ive used a number of calculator and found that if i put like 1500 down payments would be 167.00 for 36 months on 20.0 interest. that comes out to be 7500 with 7% sales tax
Enlighten me, btw thx for the input

 

[mintoxik]

i got my credit up with car loans and bank CC on my honda i got it for 2000 and pay 80 bucks a month ya i could have paid in cash but these days you need the best credit you can get right

 

[Lee7pcNOOb]

20% int on 7000 means.

Total Repaid: $11127.60
Total Interest Paid: $4127.60
Interest as percentage of Principal: 58.966%


your 7k car became 11 grand.

Dam B, you hit the motherfucking nail of the god dam head. It was about 11,100, i got 9%, im my dad's name heh

 

[Briansol]

i just used a simple amortization schedule of interest, plugged in 20% and 7k at 60 months. = 11 grand.