Was I gettin' ripped off?

mrgrapes85

mrgrapes85

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Sep 8, 2007
I'm 24, I have never got my own car.

I have decent credit, a full-time job making only 29,000 a year.

I went into the dealership and they tried to offer me a Subaru Legacy for 13,000 grand


at a interest rate of 22.5% :x :x

putting my payments at 470 a month for 72 months. :x :x

He said the reason why, was because I'm a first time buyer and that I needed to build my credit a little bit more.

Is there anything better I can get?!
 
Sounds like you went to one of those dealers in the Southgate/Firestone Blvd. area. :x


Go lease a Hyundai Sonata for 289 a month for 36 months and that will give you time to stack up some bread for the car you really want
 
Yes, you're getting fleeced if you sign for that car. If you have decent credit, the interest rate for a used car should be nowhere that rate. Hit up a credit union or your bank to see what rates they're offering on used cars.
 
mrgrapes85 said:
I'm 24, I have never got my own car.

I have decent credit, a full-time job making only 29,000 a year.

I went into the dealership and they tried to offer me a Subaru Legacy for 13,000 grand


at a interest rate of 22.5% :x :x

putting my payments at 470 a month for 72 months. :x :x

He said the reason why, was because I'm a first time buyer and that I needed to build my credit a little bit more.

Is there anything better I can get?!
Click to expand...

Try getting financing at your bank.
 
yAyToNyO said:
Yes, you're getting fleeced if you sign for that car. If you have decent credit, the interest rate for a used car should be nowhere that rate. Hit up a credit union or your bank to see what rates they're offering on used cars.
Click to expand...

I'm gonna do that actually. They go to banks to see about auto loans.

Skyzoo 73 said:
Sounds like you went to one of those dealers in the Southgate/Firestone Blvd. area. :x


Go lease a Hyundai Sonata for 289 a month for 36 months and that will give you time to stack up some bread for the car you really want
Click to expand...

That would be ideal I would drive Uber so I could use that income to pay off the car. Should I go straight to the dealership though? Or get it used?
 
My first experience at a dealer went something like that. Dude offered me an Altima @ $17000 with a ridiculous apr that would have brought the car to roughly $31000.

I test drove the joint and didn't even walk back into the building after.

:smh:

Try capital one financing, or one of those pre-approved bank loans. I ended up getting a better loan from the dealership, but at least I went with some incentive for them to work with me (as my credit at the time was poo poo).
 
Look into Credit Unions if you're financing. Dude thought you were some young naive dude who just was eager to get behind the wheel.
 
If I was in your situation I wouldn't even bother with a new car. You're better off finding a reliable used car from withing the last 10 years thats easy to fixed if things go wrong. You can probably get a 2007 honda accord for 6k. Maybe a little more if you're getting it from a dealer and still want to finance it.
 
mrgrapes85 said:
I'm gonna do that actually. They go to banks to see about auto loans.


That would be ideal I would drive Uber so I could use that income to pay off the car. Should I go straight to the dealership though? Or get it used?
Click to expand...


I got financed through them. I had a co-signer though, at the time I had very little credit history but with decent credit you'll be fine. You can always sell the car to carmax (yes even a lease) and come out ahead. Give it a shot
 
Dathbgboy said:
Look into Credit Unions if you're financing. Dude thought you were some young naive dude who just was eager to get behind the wheel.
Click to expand...

Bruh he was tryin to play me. I wanted the Subaru originally, but instead he wanted me to get a 2013 Hyundai for 1000 dollar down payment. But when I said I couldn't do the down payment (just dropped like 1700 for a deposit at my new house) they flipped it and said they'd give me the Subaru for 22.5% at 72 months.
 
mrgrapes85 said:
Dathbgboy said:
Look into Credit Unions if you're financing. Dude thought you were some young naive dude who just was eager to get behind the wheel.
Click to expand...

Bruh he was tryin to play me. I wanted the Subaru originally, but instead he wanted me to get a 2013 Hyundai for 1000 dollar down payment. But when I said I couldn't do the down payment (just dropped like 1700 for a deposit at my new house) they flipped it and said they'd give me the Subaru for 22.5% at 72 months.
Click to expand...

Do your research before you even step foot in the place, know what you want and be willing to walk away. But if you're strapped for cash, I'd wait until you were a little stable or find a low lease.
 
Can't you have someone sign w/ you?
someone w/ better credit like a parent?
I think that makes the interest go down.
 
mrgrapes85 said:
I'm on my own |I
Click to expand...

Check with your bank and other unions. Dealers usually only have a few banks they work with and they dont bargain much.

I would go with a lease if you can, you can cut down on payments AND the dealer will have to tell you how much will be left after the term (its required by law now). I say lease just going off your income idk your living situation but i think youd come out better with still some money in your pocket each month after your payments. Goves you the chance to stack up for another vehicle or something else.

Used Accord isnt a bad idea either


Good luck with what ever you choose
 
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That's an awful deal. :x

When I got my first car, my credit was terrible. :smh:. My apr was about 19% on a '09 impala. Car was about $14,700 and my payments was $354. I refinanced my car about 6 months later, and my apr dropped to 9%. I waited another 3 mths, and my apr dropped to about 3.9% . I ended up paying about $280 mth, before the year was up. The best advice I can give you because of your credit, is to get a car you can somewhat afford the payments, then refinance after a few months. BTW I didn't want to impala at all, but I had to do what I had to do. I really needed a car, and didn't want one without warranty. The dealer didn't know I was desperate though. :lol: I tried negotiating, but my credit was too awful. It's cracking now. :smokin :smokin
 
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The interest rate alone :x


At your earning rate you should be looking at cars that cost 4-5 grand tops.
 
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Are you putting any money down OP, I had crappy credit when I got my car(RIP) and I put 1k down and paid 325/m with 19% interest. That kept going down while I had it.
 
DaNiKeRhiNo said:
Are you putting any money down OP, I had crappy credit when I got my car(RIP) and I put 1k down and paid 325/m with 19% interest. That kept going down while I had it.
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Nah, they asked for a grand though. I'm gonna save it up real quick.
 
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