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Additional Details
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 Loan or Credit Card? |
I will shortly be purchasing a car and will need a loan of some sort to fund this. Which way is better:
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T... |
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gtis127 | I have a Auto loan which they charged me 21.50% interest rate I guess due to my credit. Is that too high? |
I recently had my car repossessed due to non-payment bcause I was very sick. I am trying to refinance to get another vehicle and possibly lower monthly payments. I currently paid $498 a month in car payments. I pay over $700 a month between that and my insurance. I need help.
Additional Details
I have a 2005 Ford Explorer. |
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SPIFIMAN1
 |
Auto finance is what I do for a living and the repossession is what caused your high rate.
Anytime someone goes to buy a vehicle and they have a recent repossession they can expect to pay whatever the State maximum interest rate is due to the risk that the lender is taking.
Keep making your payments for 18-24 months reestablish your credit and then either refinance it or trade for something else. |
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SmartA$$
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with a repo on your record, its going to be hard to find a decent rate.
I suggest you sell the explorer, pay off the difference on the loan, and then go buy a used car that you can actually afford. |
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Move on
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Too bad you got sick. Now your getting screwed. I have a 2008 BMW and pay half what you are for both car and insurance. With the repo you may not get a better loan but I would at least shop around for a better insurance deal. |
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golferwhoworks
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with a repo on file you'll be lucky if any one finances you |
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ichyedad
 |
Yes, that is a high interest rate, but unfortunately, it is a legal rate. The rate is predicated upon your credit history and worthiness. Because you were unable to pay the previous loan and had your auto repossessed, you will be fortunate to find any lender willing to finance you again until you have had a chance to prove yourself worthy. If they do, they will do it at a high interest rate.
No one wants to pay for the accident and health insurance, but if you had, payments would have been made for you while you were sick and your car would not have been repossessed. You may want to at least consider that on future loans if you are living paycheck to paycheck like most of us. |
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andy
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With a repossession on your credit record be glad to have an auto loan. The 21.5% does not seem too high in this case. What I would have done is bought a cheaper car then the 2005 Ford Explorer. |
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Elizabeth
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That is extremely high!! I have an interest rate of 6% on my vehicle. But since you had a repossession, that explains why the rate is so high! I don't really know that there is too much you can do about that! Good luck on getting back on track!!! |
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lexchen86
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I didn't have credit at all, and got co-signed by my brother.. then the interest was 8%... kind of high, but for a 21 years old man, it is enough.. I bought nissan 08 2 dr coupe.. |
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natedogg782
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Well 21.5 is a terrible rate. With the right special you should be paying no more than 4% You will probably have to buy from one of those dirty looking car places that will sell anyone a car. Since what they do is sell them to people they don't think will be able to finish payments so they can repo them and sell it again. But the economy is bad and people are desperate to sell them cars. |
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Bill M
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I get lower rates on credit cards, but I've never had a car repossessed. |
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mjghunter
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All I can say it WOW! |
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TaylorProud
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WAY TOO HIGH, you will probably be upside down on your loan, the average credit should be no more than 10%
That is Credit Card interest on a Car loan, and you probably can't refinance it. you got taken!!! Sorry. |
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kenoplayer
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Definitely being ripped off. It would be cheaper to use the metro bus or taxis.
Edited: Really, people. You ones who gave me the thumbs down need to go back to school and do basic math again. It costs $1.50 for a bus ride. If the average bus rider makes 4 trips a day, that's $6 per day times 30 days a month. That is $180 per month. The person asking the question is paying over $700 per month. It is cheaper to take the bus. Geeze, get a clue people. |
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Jorge
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I had an SBA Loan through Accion Texas in Dallas in 2006 to build my first business, I was unexperienced and they got me to sign a contract for an $18,000 loan and charged me a $2,000 fee and 36% interest rate and I was never able to get off the loan or lower the interest rate. My business closed in the first year and I had to continue making the payments, they harrased me very much for two months that I was unable to make the payments becasue I lost my job too and they did not offer any type of protection or insurance. My monthly payments was $560 and the total I paid was $32,000. Total ripp-off and taking advantage of a first time hispanic business owner. I wonder how many other people have they done this to. |
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Jorge
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I had an SBA Loan through Accion Texas in Dallas in 2006 to build my first business, I was unexperienced and they got me to sign a contract for an $18,000 loan and charged me a $2,000 fee and 36% interest rate and I was never able to get off the loan or lower the interest rate. My business closed in the first year and I had to continue making the payments, they harrased me very much for two months that I was unable to make the payments becasue I lost my job too and they did not offer any type of protection or insurance. My monthly payments was $560 and the total I paid was $32,000. Total ripp-off and taking advantage of a first time hispanic business owner. I wonder how many other people have they done this to. |
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