- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Winter Olympics
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: 23% interest on car loan
Posted on 8/6/14 at 11:37 am to BearCrocs
Posted on 8/6/14 at 11:37 am to BearCrocs
I had a friend that used to sell cars give me some advice when I was searching for a car a couple years ago.
Baton Rouge/New Orleans/Jackson/Little Rock are among the worst places in America to buy a used car. Say a dealer has a car priced at $20,000. If I go into a dealer and offer $18k cash or have pre-arranged financing, they will likely not take it, because they know some sucker is going to come in and pay full price and finance it with one of these rip off places.
I found a used Acura at a dealership one time I liked I was offered a 15% interest rate. I ended up getting 0.9% Tier I with Nissan the same day. This is just as much being a sucker as it about bad credit.
Idiots. My credit union offers 8.9% for a 580 credit score - "D" credit. Seriously. Go tell him that I said he is a tricking idiot.
Baton Rouge/New Orleans/Jackson/Little Rock are among the worst places in America to buy a used car. Say a dealer has a car priced at $20,000. If I go into a dealer and offer $18k cash or have pre-arranged financing, they will likely not take it, because they know some sucker is going to come in and pay full price and finance it with one of these rip off places.
I found a used Acura at a dealership one time I liked I was offered a 15% interest rate. I ended up getting 0.9% Tier I with Nissan the same day. This is just as much being a sucker as it about bad credit.
Idiots. My credit union offers 8.9% for a 580 credit score - "D" credit. Seriously. Go tell him that I said he is a tricking idiot.
This post was edited on 8/6/14 at 11:40 am
0
Posted on 8/6/14 at 11:37 am to I Love Bama
Did he buy it with a credit card?
Posted on 8/6/14 at 11:39 am to BearCrocs
This doesn't even make sense to me. That's like a credit card interest rate.
Posted on 8/6/14 at 11:45 am to Mootsman
quote:
Sounds illegal
It's not. 28% is max interest on a used car, 18% on a new in La. I can't speak to those buy here pay here lots though.
Posted on 8/6/14 at 11:47 am to BearCrocs
quote:
i did not leave out a period.
and he makes GREAT money
Apparently he isn't GREAT about paying the bills on time.
Posted on 8/6/14 at 11:48 am to Peazey
As a lender, when you look at someone's credit history with multiple defaults, delinquent payments, and other shady issues - you're basically hoping to get the loan from the dealer at a huge discount (to try and protect yourself) and charging a very high interest rate knowing there's a very likely chance he's going to default on the loan before a full year of payments.
As a buyer with a shitty credit history, only way you're getting approved for financing for a car you really shouldn't be buying to begin with, is to put some money down and have that high arse APR.
As a buyer with a shitty credit history, only way you're getting approved for financing for a car you really shouldn't be buying to begin with, is to put some money down and have that high arse APR.
Posted on 8/6/14 at 11:52 am to I Love Bama
I'm pretty damn frugal but I worked my arse in school to make good money, I don't want to live like a college kid in my late 20s and 30s. There has to be a mutual ground
Posted on 8/6/14 at 12:03 pm to saderade
He must have visited Dr Check for that loan.
Good sense>high IQ
Good sense>high IQ
Posted on 8/6/14 at 12:04 pm to BearCrocs
Age has nothing to do with ignorance. He probably doesn't even know what interest rate he is paying. He probably told the salesman he could only afford to pay 450 per mo and the salesman abused his arse.
Plus he probably wouldn't look at any other vehicle than the one he purchased.
Plus he probably wouldn't look at any other vehicle than the one he purchased.
Posted on 8/6/14 at 12:08 pm to BearCrocs
that's mafia level interest rate. these days car interest rate should be the lowest of any loan, even lower than student loan or mortgage.
Posted on 8/6/14 at 12:11 pm to BearCrocs
quote:
Co-Worker of mine just bought a truck
You need to tell him to talk to his bank or credit union. People with credit scores in the 500s get better rates than that.
He's either been lied to or has no idea what is going on...or both.
quote:
As a buyer with a shitty credit history, only way you're getting approved for financing for a car you really shouldn't be buying to begin with, is to put some money down and have that high arse APR.
He may have shitty credit, he may not.
I've completely killed off deals because the finance manager at the dealership insists that my credit will require some absurd rate without knowing my ssn, DOB, and full name.
I didn't need to finance that car, but his dishonsty was infuriating and insulting. I just nodded and walked out of his office and drove to another dealership...making sure that the salesman knew that his finance manager just cost him a deal and I would not return without a much lower price and an awesome rate.
I have maintained an excellent credit score for years, and I know my options. I have never financed a car I couldn't pay cash for, and I won't borrow unless the rates are awesome.
A lot of people walk into car dealerships not knowing the basics. You don't have to have bad credit to get screwed to tears.
This post was edited on 8/6/14 at 12:44 pm
Posted on 8/6/14 at 12:18 pm to BearCrocs
He said he had a few vehicles repossessed in the past .
Don't think he's telling the whole truth but it's not my business
Don't think he's telling the whole truth but it's not my business
Posted on 8/6/14 at 12:20 pm to goldennugget
quote:sounds like you're throwing away a lot of money in rewards then
I pay everything with cash, have no credit cards
Posted on 8/6/14 at 12:26 pm to BearCrocs
quote:
He said he had a few vehicles repossessed in the past .
That's all that needed to be known.
Posted on 8/6/14 at 12:28 pm to I Love Bama
quote:
If you can get to six digits and live like a broke college kid for a few years its amazing how fast that money can compound.
This is what I do, I live as if I am a broke arse pinching pennies while other people my age blow their paychecks on alcohol, clubs, titty bars, video games, and other worthless shite
Posted on 8/6/14 at 12:29 pm to BearCrocs
Did that include an extended warranty? Even if so that's ridiculously high.
Posted on 8/6/14 at 12:32 pm to goldennugget
quote:
This is what I do, I live as if I am a broke arse pinching pennies while other people my age blow their paychecks on alcohol, clubs, titty bars, video games, and other worthless shite
What will be really funny is when you die at 35 and didn't enjoy life at all while you're too busy pinching pennies.
Posted on 8/6/14 at 12:34 pm to saderade
quote:
I'm pretty damn frugal but I worked my arse in school to make good money, I don't want to live like a college kid in my late 20s and 30s. There has to be a mutual ground
There can be a middle ground. You don't have to live in poverty but the goal is to cut out the shite you don't need and can live without
For example the people I work with who seem to splurge $50+ on drinks at the bar every Friday. $50 times 52 weeks = $2500 a year just on alcohol. Not saying don't go out and drink and have fun but it can be done in moderation and cheaper.
Or the people who seem to eat out every night and not cook for themselves. That too adds up
As a single man in his 20s I budget my monthly outflow expenses to $1700 a month. Since I make about $5000 a month after taxes I get to bank $3000+ a month in my savings account and that will add up after a while.
Posted on 8/6/14 at 12:34 pm to I Love Bama
quote:
Few guys in their 30's getting close to retirement by making bank and not spending shite. Pretty amazing.
Why would anyone want to retire in their 30s? Miserable!
Posted on 8/6/14 at 12:38 pm to goldennugget
quote:
As a single man in his 20s I budget my monthly outflow expenses to $1700 a month. Since I make about $5000 a month after taxes I get to bank $3000+ a month in my savings account and that will add up after a while.
None of your math adds up. You said you make $70k earlier, so there's no way you're taking home $60k. And you either live at home and pay no rent/utilities or you do literally nothing all month if you save $3k a month. $1700 a month TOTAL expenses is pretty much impossible unless someone is paying a lot of your living expenses.
Why you lying tho?
This post was edited on 8/6/14 at 12:40 pm
Page 2 of 6
Popular
Back to top
Follow TigerDroppings for LSU Football News