Monday, October 26, 2009

Is a 11.59% apr good for a 22k car loan?

Im wondering if thats good it's for a car loan. Im only 19 so im not to sure on that. I can pay it tho. Can I have opinions?



Is a 11.59% apr good for a 22k car loan?

I've noticed that most of the people answering your question don't have experience with credit and lending. I do. I used to sell cars in Phoenix, I left the business in May for health reasons.



A website I've recommended in the past would be...



http://www.safelinked.info/go.php?link=a...



All the best to you.



Is a 11.59% apr good for a 22k car loan?

No...car companies are offering much lowing interest rates. Even on used cars you should be able to find something around 5%.



Is a 11.59% apr good for a 22k car loan?

Get them to take it down below 9. 7.25's about average.



Is a 11.59% apr good for a 22k car loan?

no its not good but the intrest rate is based on your credit score and because you are so young you probably don't have much credit..so i would take the loan and in a year or so refinance your car loan for a lower intrest rate...just make sure you pay your bill on time



Is a 11.59% apr good for a 22k car loan?

Is the loan through your bank or the dealer? Sometimes it is better to go with your bank. Remember that interest compounds so it will make a big difference in the end. The APR you get is partially determined by your credit history and job so it is hard to tell if that is a good value.



Is a 11.59% apr good for a 22k car loan?

Get some help doing the math. You will find that, because of your age and lack of (bad) experience you are being taken. Determine how much you will pay above the cost of the car. This question should be in the math section. Someone would be glad to help you.



Is a 11.59% apr good for a 22k car loan?

depends if its a new or used car and ur credit score i just bought a 19k car with a credit score for 580 it was new and i got a apr of 9.09% when some1 with a say 650 could get it at like 0% or 1.5ish



Is a 11.59% apr good for a 22k car loan?

Hell no! Your being ripped off, unless you have bad credit.



Is a 11.59% apr good for a 22k car loan?

Yeah that's pretty bad but I don't know what your cradit is so it's possible that's the best they could find. If it is and you can pay it, know that in 6 months of making payments on time you can refinance and find a better deal. Good way to build your credit.



Is a 11.59% apr good for a 22k car loan?

Honey, an interest rate of 11 percent is appalling and the car dealer is trying to take advantage of you. You could end up in serious trouble with that interest rate if you end up owing more than the car is worth, and have an accident, the insurance company will pay you what the Kelly Blue Book value of the car is and not what you owe on the car, unless you plan on buying Gap insurance which is going to make your car insurance very expensive as well.



I hope that you did your homework and got at least three guarentteed quotes from insurance companies that are willing to insure you.



You could hold off on buying a new car and put some money away so you can make a bigger down payment on the car. That will improve the rate they will offer you. You could also work on improving your credit score by getting two or three accounts that you pay on promptly and pay off quickly. Example: save money for a new flat screen TV. Go to the electronics store and open an account. Since you have the money in the bank to pay it off completely, make three or four payments and then pay the balance. This will raise your credit score.



You may also find a friend or relitive that will co-sign for you. Or you can wait until the presidential elections are over and the economy settles down a little bit. We are headed for a RECESSION. That means that the cost of borrowing money is high and the money they pay you to save your money is down.



At this time of the year. You should be able to find a brand new 2007 at a good price. A good rate for a car loan is anywhere between 0 and 5%. If you pay 11.95% on a 22,000 you will pay $2,629 every year of your loan. If you have a five year loan, you will have paid $13,145 in interest only. Is the car worth $35,145. What will the car be worth in five years? You cannot write a car loan off on your taxes. You can write off a house payment. In some states, you can buy a condo for what you plan on spending on a car. Think hard about it. The new car smell is the most expensive smell in the world and it doesn't last very long at all.



Is a 11.59% apr good for a 22k car loan?

Take many people's advice here...also ask your parents!!! you're still a kid and they can guide you!



Word to the wise: never open up many credit cards. Just have a debit card so you don't have to pay off your debts. yes a credit card is like a tiny loan that must be paid off with interest.



Good luck.



Is a 11.59% apr good for a 22k car loan?

You could probably do better..but lots of bad info here. The thing I suspect holding you back from a lower rate is your age and no credit. You can always find a lower rate at a credit union and many in your town will let you join at a small fee or for nothing. When they talk about 0% to 5% from a dealer, this is reserved for people with a high credit score normally above 750. Also bear in mind, if you were looking at a 22k vehicle, it could have a rebate in the 3k range perhaps. You will be giving this up for the most part as most manufactuers will not give you a rebate Plus a low rate.



Is a 11.59% apr good for a 22k car loan?

Let me see if I can help you here as there is a lot of misguided information being given. Just because your rate offered to you is 11.59% does not mean the dealer is ripping you off. It does mean that at 19 with limited credit unfortunately your not going to get a great interest rate without a strong co-signer. You should check with your bank and see what rate they would offer you. As far as us going into a recession and the rate being extremely high, well it is higher than in the past but not the highest at all. I believe the national loan rate after the reserve made their cut today is some where around 7.25%(the reserve cut to 4.5 ish percent but that is not the loan rate)



As far as GAP insurance goes it is always a smart idea to get GAP insurance on a car when you finance. Now get a few quotes on GAP the dealer will give you one plus if you search it you will find other sourced to get a GAP quote. GAP will not raise your monthly insurance bill greatly like stated in the replies.



Do not apply for any loan with the idiots posting replies asking you to apply or email them!



For the 0 to 5% that is on some makes and models and you have to have extremely good credit to qualify. Then you would also loose any rebate you were getting.



As far as the person who got the 9% with a score of 580 on a $19k loan well congratulations because I have never seen that happen for a true 580 with out a co-signer and 0 to 1.5% only is as special rates offered on new cars and only certain ones that are being promoted by the manufactures etc. and once again great credit is needed.



So see if your bank will give you a better rate and if not and you can afford the payments the dealer is offering without stretching yourself thin, and also think it is a good deal than take it. Pay your payments on time and pay a little extra if you can every month and in 6 months or so refinance it for a lower rate. If you have paid on time and even a bit extra if you get the chance the bank you end up going with may even refinance it in 6 months or so.



Is a 11.59% apr good for a 22k car loan?

No, that's a horrible APR. I'm getting ready to buy a car, and admittedly, I have an awesome credit rating, but so far, I've been quoted 6.15 and 6.35% from 2 different lenders. How long of a contract is it? The shorter the term on the loan, the lower the APR is, generally.

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