Ouch, 20% APR on car loan
Date: Wed, 01/16/2008 - 18:23
Well we need a new (used) car. I have 3 charge offs,total of $500 or so, nothing else. One positive TL paid on time for a year or so (low limit CC) wife has a few judgments (medical)and a few charge offs. One or two low limit cards, never late. We can get a 2006 Grand Prix, 35,000 miles, 2000 down, 60 month loan but payments will be around $350 a month. I figured it out, that's like 20% interest.
Our household income is around 90k. We can afford the payments, I know the interest rate is very high but is it high considering our credit history? My scores are in the low to mid 500's and hers may be a little higher.
I guess it could be worse and not qualify for any loan.
Our household income is around 90k. We can afford the payments, I know the interest rate is very high but is it high considering our credit history? My scores are in the low to mid 500's and hers may be a little higher.
I guess it could be worse and not qualify for any loan.
From what I have been through and my credit score, that sounds a
From what I have been through and my credit score, that sounds about right. We just bought ( in oct.) a 2004 dodge ram and we have 18% on that one through CITI :oops: But hubby liked the truck and it looks new so we went for it and it is a 5 year loan. But we were told that after we make payment for a year or so and not be late we can refinance the loan to get a better interest rate. But after a year we will be refinancing it through our credit union for and even better rate. But for now it is raising our credit score. So that could be an idea for you to do after a year, see if you can get the interest lowered. Good luck with the new car :)
