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Walking in unprepared to do what amounts to a business deal with 4-6 year long financial responsibility is not very smart. If you're a uninformed buyer in this day and age with the tools and material available to you, and you still walk in unprepared, then you're probably going to get a ass ripping.
One thing I bring with me is a calculator when I'm doing any big financial transaction. Dealers hate prepared buyers. They want the unprepared emotional buyer.
I am quite familiar with car company's and there ridiculous sales tactics, this is why I have avoided buying a car for the past eight years. If I was truly uninformed I would have just signed on the dotted line.
Minus Trade In $1,300.00
Minus Down Payment $2000.00(which I didn't agree to)
Total $ Financed: $8292.49
So this is what they told me, which still doesn't make sense even at 20% interest because my payment should still be closer to $210.00.
Even if I try and obtain financing on my own am I likely to run into these "unavoidable fees"?
Well you're wrong in your math $8300 at 20% on 48 month loan is 253 a month. And if you're not going to do a a $2000 down on top of your trade in of 1300 you're borrowing 10,292 dollars. (8,292+2000) Which would bring the payment to 313 bucks.
Quote:
Originally Posted by mattywo85
I am quite familiar with car company's and there ridiculous sales tactics, this is why I have avoided buying a car for the past eight years. If I was truly uninformed I would have just signed on the dotted line.
I suggest taking a calculator or downloading a loan calculator on your phone. I was simply making a general statement about uninformed or unprepared buyers. It wasn't directed specifically towards you. Their ridiculous sales tactics work on most buyers
I would get a beater but don't want to put thousands into repairs. I am looking into CU and local banks for auto loans but was wondering if anyone had any other places to check that are known to work with bad credit?
I would get a beater but don't want to put thousands into repairs. I am looking into CU and local banks for auto loans but was wondering if anyone had any other places to check that are known to work with bad credit?
It depends on how bad this bad credit is. There is bad credit, and then there is credit in the dumpster.
Employment also matters, in addition to credit.
Keep in mind that you can improve your credit quite a lot in even a single year, so even if you only keep the beater for a year you will have greatly improved your options.
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