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A. Did you really go from undecided to owning in less than 6 hours? (then I have to wonder if you posted, went to the dealer, took care of everything you needed to; finally how long till you came on and posted)... Yes, I posted my question, went to the dealer, and signed a contract.
B. Does your extended warranty cover the batteries, and the rest of that hybrid stuff? Yes. I made sure to ask.
C. Where did you hear "it wasn't really a bad choice"? Here
D. Sounds like you jumped on the first option for the financing too. Yes, it was higher than I wanted, but I only had to put down $500 and trade in my old vehicle, which has a rebuilt title and was costing me a lot in constant repairs.
12%, ouch!!!!! Try to refinance it in a few months after making payments! That is really high for a car loan! Try www.lendingclub.com It's a peer loan process. Basically other people fund your loan instead of a bank. I used it for credit card debt consolidation. I took my 16% credit cards and now have one loan for 5.99%. You can choose a payment plan from 3-5 years and can pay it all at anytime without a penalty. you can also see if you're approved at anytime. It does not affect your credit.
How does refinancing work? Yeah, I'm not crazy about the interest rate, either. It was suggested to me that I just try to double up on payments.
Too late. I got the Prius, but I've heard it wasn't really a bad choice. I wasn't sure; I've seen them pretty cheap on sites like Craigslist. I got an extended warranty just in case anything does go wrong, though; it even includes scheduled maintenance.
Can you get out of the extended warrantyand prepaid maintenance? They are not worth it. As others have said, the 12% interest is also not good. I would be working 2 jobs and cutting every expense possible to get rid of that loan.
Can you get out of the extended warrantyand prepaid maintenance? They are not worth it. As others have said, the 12% interest is also not good. I would be working 2 jobs and cutting every expense possible to get rid of that loan.
I'm planning to become an UBER driver and double up on payments. I can double up on payments without driving for UBER, but it would be easier with a second or even third source of income. I agree that 12 percent is high.
The extended warranty isn't really much extra; it's like $30 per month extra, and it means I won't be without a vehicle if the major components or hybrid components fail.
did nobody suggest to research that before you make a snap decision?
I felt odd about it, but I wasn't really sure what to do. I kind of needed a vehicle. My other car was breaking down a lot, and I felt like it probably wasn't going to last very long. Now, I could have gone car-less and just taken UBER and the bus, but to save money doing it, I would have had to have gotten up early each morning (like 4:30 in the morning) and caught the bus. Plus, relying on public transportation wouldn't have helped me build my credit.
I know I should have asked more questions, though. One should have been, "what does this twelve percent interest rate look like over the life of the loan, and how much do I really owe? (they weren't clear on fees, but I bought the car from reputable BBB accredited car dealership)" Let me just try to pay it off and make sure I ask the right questions next time.
Great. Car dealers are sneaky, even reputable ones, I guess. I was told that interest rate was only 12 percent, and 12 percent of $10,000 is only $1200, so I thought I would only be paying an extra $1200 on the $10,000 loan. Well, it looks like I was charged a lot more than $10,000. I was looking on the break down sheet, where they have to report my rate fairly according to law, and I saw that they were charging me $17,000. I'm wondering where the rest of these charges came from. I know I purchased an extended warranty, but I only wanted to use it for a year. I probably need to call them ASAP to find out what's going on. This is probably why I've been paying cash for cars. I hate financing cars. That is almost twice what the car is actually worth!
Last edited by krmb; 11-27-2016 at 05:43 PM..
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Let me just try to pay it off and make sure I ask the right questions next time.
This is probably why I've been paying cash for cars. I hate financing cars. That is almost twice what the car is actually worth!
