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athena w | 21% interest on car loan? help please? |
okay i dont want to seem like a dumb blonde here but im just trying to figure out if i have this right. I dont have good credit, i got approved for a 9,000 loan on a used car with a 21% interest rate. does that mean 21% of the 9000? am i going to end up paying $1,890 in interest? |
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MyKidsMom
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OMG, I cant believe everyone but Jay P thinks that is how you figure that out.
He is correct - 21% is the annual percentage rate!!
What you do is take the payment and multiply it by how many months the loan is for. Take the answer and then subtract the loan amount and you have your total interest paid.
For example:
Lets say the loan is for $9000 for 48 months $278.69 per month. 278.69 x 48 = 13,377.12. Now subtract $9000.00 from 13,377.12 financed and your total interest to pay will be $4,377.18. |
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Jay P
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That's 21% per year. Think twice about this one. |
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Mike
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21% PER YEAR.
So that means EVERY YEAR you will pay 21% of the remaining balance.
But it gets worse....
21% interest is very sub-prime... there is a good chance that your loan will use "The rule of 78's"
It a nutshell, that means you must pay 78% of the interest before you pay any principal. So if you try to payoff early, you will STILL owe all that interest. Interest in front-loaded on the loan, so pretty much your entire payment will go to interest for at least the first half of your loan.
This loan will probably end up costing you around 8 grand in interest. VERY BAD.
Save up and buy a $1,000.00 car CASH and improve your credit. Then, move up into a $9,000.00 car and pay CASH for that one as well. |
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SPIFIMAN1
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Auto finance is what I do for a living and at 21% per year you will pay $6,899.04 in interest for a 72-month loan and $5,608.80 for a 60-month loan.
What most people do is make 12-payments as agreed and refinance the vehicles.
These types of loans are only intended to give you the chance to re-establish your credit. After you have done that, refinance at a lower rate. |
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ma
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oh- you'll end up spending more, do not take this offer, shop around....if you can't get something else, set up a small pre-paid credit card account, capital offers them...after 6 months of having it with you using it and paying on time, reapply for the car loan cause you'll have a little bit of credit to go by.....PLEASE DON'T TAKE THE 21%! |
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Ryan J
 |
It's high, but I have actually seen worse. Car dealerships that deal with "bad credit" financing know that you have no other options for financing if you are coming to them, so they also know they can charge you whatever you want. I had to do the same thing--I looked everywhere and into every option and there only ended up being one dealer I could chose from since my credit is so bad (long story, but it is as bad as it is for reasons outside of my control). However, they let me chose between 3 different interest levels depending on how much I was willing/able to put down as a down payment. No money down was somewhere around 22% interest, but 20% downpayment would have qualified me for 10% interest. I had to go with the middle option, which was 10% down and 15% interest.
If you have no other choice for financing and need a car, then you will have to take the 21% financing even though it is very high, but make sure it is your only option for financing. If your credit is really so bad that this is your only option, don't listen to the people who tell you to get prepaid credit cards to bring your credit up, it is not that quick and easy. Once your credit gets this bad, it takes a LONG time to get it back up again since you need more credit and then pay the balance regularly in order to build your score back up, but no one will give you the credit you need in order to do this. If your credit score is low simply because of lack of credit, an option like this might work, because you can get your score up quicker when starting from scratch compared to trying to fix bad credit. |
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pack1710
 |
Hey you are smarter that you think. You actually took the time to look at what you will pay in interest. Most people only look at the payment. You took to time to actually see what you were getting into. Now you realize what a scam this is. Your basically buying a car on a credit card. These lenders prey on people with bad credit. They take advantage of people that are broke and lend them money on cars they know that they can't afford. You however can see through it. Congratulations.
Let's say that you have a car now and that you were just shopping for a better car. Your payment might be about 300 dollars a month. Save that for a year and you would have 3600 to buy a car with. You could sell the car you have and put with the 3600 to buy a even better car. If you pay cash for your car then you will make sure that you get a deal instead of just walking on the lot and spending whatever because you could finance it. So lets say you save for another year and then sell your car for 4000 plus the 3600 you saved that would be 7600 you could by an even better car for.
Then you would have a paid for car in two years opposed to still owing three years of payments on the 9000 car. |
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Jessica t
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thats awful maybe you should get a cheaper car then when you pay it off you'll have better credit and a better rate for a more expensive car |
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Ask M
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yep |
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nanisnanis
 |
yes 21% is pretty high
for a new car is like 7% used cars are a little more, but not 21%.
dont get that loan, its too high... shop around...
look at www.bankrate.com |
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Joe
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YUP -- 21% on the $9,000. That is terrible. Sorry. |
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