So I Tried To Get A Used Challenger....

texas409
texas409 Members Posts: 20,854 ✭✭✭✭✭
2011 R/T Mileage:42,000

My credit aint that bad and I was gonna put down a $2000 deposit on a 72 month term....these mother ? told me my interest would be 17% and i would be paying 719 a month smh. I did the math and with the interest in 72 months that would make it almost $52,000 in payments. Can someone with car buying knowledge explain to me why and how this could happen and what I could do to get a better deal elsewhere. Im a first time buyer and would like any good advice to help a newbie like me out
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Comments

  • aneed123
    aneed123 Members Posts: 23,763 ✭✭✭✭✭
    thats too much... something aint right about that
  • wilberdmillz
    wilberdmillz Members Posts: 2,159 ✭✭✭✭✭
    whats the asking price on the car? Try to get finianced through your credit union or bank.
  • Chef_Taylor
    Chef_Taylor Members Posts: 26,584 ✭✭✭✭✭
    Man you need to go to gillman chrysler, dodge, jeep in tha city off 59 and the beltway..white boy i work with got a '13 charger (hemi) off the lot man and i think he just threw a grand and a trade in at em.
  • t_m_a_c_f_a_n73088
    t_m_a_c_f_a_n73088 Members Posts: 8,758 ✭✭✭✭✭
    edited April 2013
    Your credit ain't good homie. I have "not so bad credit" and I have 7% interest. Even if they were trynna ? you 17% is crazy and thats on a 6 year loan!?!? Good thing you didn't get it anyways, NEVER do 6 years on a car thats already that old w/ that much mileage on it. Also remember putting money down doesn't change as much as people think. For every 1000 you talking around $20 off your car payment. Unless you're gonna keep it for the duration of the loan you better off keeping that bread...
  • mike06
    mike06 Members Posts: 2,651 ✭✭✭✭✭
    Your credit ain't good homie. I have "not so bad credit" and I have 7% interest. Even if they were trynna ? you 17% is crazy and thats on a 6 year loan!?!? Good thing you didn't get it anyways, NEVER do 6 years on a car thats already that old w/ that much mileage on it. Also remember putting money down doesn't change as much as people think. For every 1000 you talking around $20 off your car payment. Unless you're gonna keep it for the duration of the loan you better off keeping that bread...

    so do u suggest putting down nothing at all?....I'm looking to get a car but dont have any real money to put down...maybe $500 at the most but would it be better just putting down nothing and dealing wit the larger monthly payment instead?
  • [Deleted User]
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  • texas409
    texas409 Members Posts: 20,854 ✭✭✭✭✭
    Credit score is 604 and I know I could get it cheaper elsewhere but he was telling me those rates are high cause im a first time buyer. I'm just trying to get a grasp on how all this works
  • aneed123
    aneed123 Members Posts: 23,763 ✭✭✭✭✭
    naw its that dealer.... cuz the interest rate is crazy and with his credit score he should be able to get a challenger for way less per month. they was trying to get over on u. go shop somewhere else. be careful bout all of them doing credit checks tho cuz itll affect ur score.
  • Trollio
    Trollio Members Posts: 25,815 ✭✭✭✭✭
    might as well rent a house
  • wilberdmillz
    wilberdmillz Members Posts: 2,159 ✭✭✭✭✭
    edited April 2013
    aneed123 wrote: »
    naw its that dealer.... cuz the interest rate is crazy and with his credit score he should be able to get a challenger for way less per month. they was trying to get over on u. go shop somewhere else. be careful bout all of them doing credit checks tho cuz itll affect ur score.
    This! Go get preapproved through your bank/credit union
  • The Prodigalson
    The Prodigalson Members, Writer Posts: 8,715 ✭✭✭✭✭
    17% ? Got Dayum
  • major pain
    major pain Members Posts: 10,293 ✭✭✭✭✭
    604 credit score is not good in anyway.

    "not so bad" doesnt apply here and you're a first time buyer. Your rate will be close to 10% at any reputable dealer and higher than that at any less reputable lots.

    First thing to remember when buying a car, negotiate the sales price first. This is much easier if you can make it a cash transaction. Best option for you is to try a small credit union and secure financing before you walk on the lot. That way, its a cash transaction to the dealer and you get the haggle room of that type of transaction. I wouldnt even mention that it was a loan from another source at first. Tell them to beat your existing financing terms if you want an even better deal.
  • aneed123
    aneed123 Members Posts: 23,763 ✭✭✭✭✭
    major pain wrote: »
    604 credit score is not good in anyway.

    "not so bad" doesnt apply here and you're a first time buyer. Your rate will be close to 10% at any reputable dealer and higher than that at any less reputable lots.

    First thing to remember when buying a car, negotiate the sales price first. This is much easier if you can make it a cash transaction. Best option for you is to try a small credit union and secure financing before you walk on the lot. That way, its a cash transaction to the dealer and you get the haggle room of that type of transaction. I wouldnt even mention that it was a loan from another source at first. Tell them to beat your existing financing terms if you want an even better deal.
    major pain wrote: »
    604 credit score is not good in anyway.

    "not so bad" doesnt apply here and you're a first time buyer. Your rate will be close to 10% at any reputable dealer and higher than that at any less reputable lots.

    First thing to remember when buying a car, negotiate the sales price first. This is much easier if you can make it a cash transaction. Best option for you is to try a small credit union and secure financing before you walk on the lot. That way, its a cash transaction to the dealer and you get the haggle room of that type of transaction. I wouldnt even mention that it was a loan from another source at first. Tell them to beat your existing financing terms if you want an even better deal.

    i hear u. but i was a first time buyer before around that same credit score and they aint give me no 17% rate. 11% sounds about right with a bout $350- 380 note with an extended warranty..... they got this man bout to bay 700 plus a month for a challenger hell naw
  • Billy_Poncho
    Billy_Poncho Members Posts: 22,382 ✭✭✭✭✭
    604's pretty bad bruh
  • t_m_a_c_f_a_n73088
    t_m_a_c_f_a_n73088 Members Posts: 8,758 ✭✭✭✭✭
    edited April 2013
    mike06 wrote: »
    Your credit ain't good homie. I have "not so bad credit" and I have 7% interest. Even if they were trynna ? you 17% is crazy and thats on a 6 year loan!?!? Good thing you didn't get it anyways, NEVER do 6 years on a car thats already that old w/ that much mileage on it. Also remember putting money down doesn't change as much as people think. For every 1000 you talking around $20 off your car payment. Unless you're gonna keep it for the duration of the loan you better off keeping that bread...

    so do u suggest putting down nothing at all?....I'm looking to get a car but dont have any real money to put down...maybe $500 at the most but would it be better just putting down nothing and dealing wit the larger monthly payment instead?

    I'm not saying don't but a lot of people think down payments affect your payment more than they actually do. Dealerships like to make it seem like that because they make money off you up front. Example.... I pay 462 for my maxima w/ no money down. With 3k down I could have pay I could've payed 395 but why not just keep my 3k and pay extra. Thats an extra 700 some dollars per year and I'm not gonna keep it for the duration of the loan anyways
  • major pain
    major pain Members Posts: 10,293 ✭✭✭✭✭
    aneed123 wrote: »
    major pain wrote: »
    604 credit score is not good in anyway.

    "not so bad" doesnt apply here and you're a first time buyer. Your rate will be close to 10% at any reputable dealer and higher than that at any less reputable lots.

    First thing to remember when buying a car, negotiate the sales price first. This is much easier if you can make it a cash transaction. Best option for you is to try a small credit union and secure financing before you walk on the lot. That way, its a cash transaction to the dealer and you get the haggle room of that type of transaction. I wouldnt even mention that it was a loan from another source at first. Tell them to beat your existing financing terms if you want an even better deal.
    major pain wrote: »
    604 credit score is not good in anyway.

    "not so bad" doesnt apply here and you're a first time buyer. Your rate will be close to 10% at any reputable dealer and higher than that at any less reputable lots.

    First thing to remember when buying a car, negotiate the sales price first. This is much easier if you can make it a cash transaction. Best option for you is to try a small credit union and secure financing before you walk on the lot. That way, its a cash transaction to the dealer and you get the haggle room of that type of transaction. I wouldnt even mention that it was a loan from another source at first. Tell them to beat your existing financing terms if you want an even better deal.

    i hear u. but i was a first time buyer before around that same credit score and they aint give me no 17% rate. 11% sounds about right with a bout $350- 380 note with an extended warranty..... they got this man bout to bay 700 plus a month for a challenger hell naw


    Nah fam, 19k financed (TT&L and other finance charges) over 60 months @ 10% interest runs about $400.

    19k isnt getting anyone into a decent mileage and slightly used Challenger R/T. Especially with an extended warranty. This dealer is definitely trying to give him the shaft however.


    To whoever is asking about down payments... I'm a firm believer in not investing a lot of cash into a depreciating asset. Never mention to a dealer you have any money to put down until you negotiate a final sales price anyway. If they know you walked in there with cash, they will usually inflate fees to eat that cash up. The truth is the dealer wants you to finance as much as possible and only "want" a down payment to cover any gap the bank will not finance.

    Ex: Car price is 25k; Bank will only finance 23k; Dealer will claim you need to come up with 2k down instead of dropping the sales price and by the time you walk out the door you actually finance 27k.
  • aneed123
    aneed123 Members Posts: 23,763 ✭✭✭✭✭
    major pain wrote: »
    aneed123 wrote: »
    major pain wrote: »
    604 credit score is not good in anyway.

    "not so bad" doesnt apply here and you're a first time buyer. Your rate will be close to 10% at any reputable dealer and higher than that at any less reputable lots.

    First thing to remember when buying a car, negotiate the sales price first. This is much easier if you can make it a cash transaction. Best option for you is to try a small credit union and secure financing before you walk on the lot. That way, its a cash transaction to the dealer and you get the haggle room of that type of transaction. I wouldnt even mention that it was a loan from another source at first. Tell them to beat your existing financing terms if you want an even better deal.
    major pain wrote: »
    604 credit score is not good in anyway.

    "not so bad" doesnt apply here and you're a first time buyer. Your rate will be close to 10% at any reputable dealer and higher than that at any less reputable lots.

    First thing to remember when buying a car, negotiate the sales price first. This is much easier if you can make it a cash transaction. Best option for you is to try a small credit union and secure financing before you walk on the lot. That way, its a cash transaction to the dealer and you get the haggle room of that type of transaction. I wouldnt even mention that it was a loan from another source at first. Tell them to beat your existing financing terms if you want an even better deal.

    i hear u. but i was a first time buyer before around that same credit score and they aint give me no 17% rate. 11% sounds about right with a bout $350- 380 note with an extended warranty..... they got this man bout to bay 700 plus a month for a challenger hell naw


    Nah fam, 19k financed (TT&L and other finance charges) over 60 months @ 10% interest runs about $400.

    19k isnt getting anyone into a decent mileage and slightly used Challenger R/T. Especially with an extended warranty. This dealer is definitely trying to give him the shaft however.


    To whoever is asking about down payments... I'm a firm believer in not investing a lot of cash into a depreciating asset. Never mention to a dealer you have any money to put down until you negotiate a final sales price anyway. If they know you walked in there with cash, they will usually inflate fees to eat that cash up. The truth is the dealer wants you to finance as much as possible and only "want" a down payment to cover any gap the bank will not finance.

    Ex: Car price is 25k; Bank will only finance 23k; Dealer will claim you need to come up with 2k down instead of dropping the sales price and by the time you walk out the door you actually finance 27k.

    its cuz u did it for 60 months... for 72 he would be in the range I posted. I went thru the same thing years ago buy my first car for 20 k. the dealer tried to ? him. down payments mean nothing unless u putting up a big sum of cash. like dude said ur not gonna save much in ur payment. they just getting guaranteed money out u for a 20-30 dollar monthly payment difference. He should play hard ball and just leave. best believe that dealer will be calling him that same day or next day trying to negotiate
  • MrSoutCity
    MrSoutCity Members Posts: 2,709 ✭✭✭✭✭
    Speaking of shady dealerships, I saw a 2006 impala ss. I called the acuire about the price them ? hit me with we have a sale going on now; it only 20k plus 500 for the paper work. I laugh and took my ass home.
  • [Deleted User]
    [Deleted User] Posts: 0 Regulator
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  • deadeye
    deadeye Members Posts: 22,884 ✭✭✭✭✭
    edited April 2013
    texas409 wrote: »
    2011 R/T Mileage:42,000

    My credit aint that bad and I was gonna put down a $2000 deposit on a 72 month term....these mother ? told me my interest would be 17% and i would be paying 719 a month smh. I did the math and with the interest in 72 months that would make it almost $52,000 in payments. Can someone with car buying knowledge explain to me why and how this could happen and what I could do to get a better deal elsewhere. Im a first time buyer and would like any good advice to help a newbie like me out

    @t0wers

  • The Prodigalson
    The Prodigalson Members, Writer Posts: 8,715 ✭✭✭✭✭
    LOL I copped my 2013 charger off the lot put three g's down 60 mo 6% interest rate.
  • major pain
    major pain Members Posts: 10,293 ✭✭✭✭✭
    2.49% or better is all i will consider on financing.

    Ask the salesman what your "buy rate" is when they come back with your payment and note. They have to tell you.