Approved Car Loan - Forced Warranty
Generally the dealers try to sell an extended warranty because i
Generally the dealers try to sell an extended warranty because it earns them more commission as it is often grossly over priced. But it offers no benefit to the borrower. I'm sure that you search a little hard you would get a car without extended warranty plan.
have you considered buying a very used car for the 2-3,000 until
have you considered buying a very used car for the 2-3,000 until you save enough to get another car, there is an awful lot of good deals out there 21% is just to much, as for jumping up to 26% probably has to do with the amount being financied the higher amount you borrow the less the interest, probably why interest would go up if you did not buy the warrenty as well
You have GOT to be kidding me!
Twenty-one percent!???
Holy crap, that's rediculous! If they're soaking you that hard, either your credit's in the sub-sub-basement of sub-prime, or they're just sticking it to you because they can. What I'd do in your place, is buy an older vehicle that I could pay cash for. Then drive it around until I could save enough to move up.
Try this: Go talk to the reputable, independent mechanics' shops in your area., In person, preferably. Not the car dealers. See whether they or any of their customers have a used car that they're looking to move cheap. If you see something you like, grab it. You'll likely have to invest some time and effort, but that's cheaper than spending money.
I buy my cars this way, even though I can afford to buy new. Most times, I save enough on insurance alone to pay for the car. Not counting tax, interest, and all the rest of that stuff. And I get decent cars, not beaters. My last find was a '91 Ford luxury conversion van, absolutely loaded and in extremely good condition, with 60k on the odometer. Owned by a little old lady, for real. I met her. Including paying the mechanic to change filters and fluids and stuff, it's mine for less than $1,500. Not bad, considering that I was looking at new vans and small RVs in the $75k-and-up range. Now, I have something to take the kids to Grandma's in.