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-   The Business and Financial Forum (https://www.revscene.net/forums/business-financial-forum_303/)
-   -   Need advice on interest rates buying a used car from dealership (https://www.revscene.net/forums/710080-need-advice-interest-rates-buying-used-car-dealership.html)

XplicitLuder 08-24-2016 06:42 PM
i think he can get approved no matter what lol its the interest rate that depends ;)

Urrtoast 08-24-2016 07:12 PM
The interest rate of a Dealerships New car will always be lower then a used car of the lot.
I'm pretty sure the financing is second party thus the higher rates.
You age, credit risk, and residency will also play a big part in this as well.

DaFonz 08-30-2016 09:53 PM
Quote:
Originally Posted by rucus (Post 8782895)
I think I'm on the other side of the spectrum -- I have no credit history built up as of the moment, except for my credit card that I pay faithfully.
That doesn't make sense. If you have a credit card, then it's been reporting.

Grab a copy of your credit report from equifax's free trial and see what you get.

The 7% rate is shockingly high and for people with shitty credit.

6793026 02-19-2019 06:48 AM
7.18% is a LOT, then again it is a used car. To be honest, if this is the case, I would get a line of credit OR loan from family and friends and offer a lower interest rate.

In your situation, I would much rather get a used car that's 5k instead.

Jmac 02-19-2019 08:54 AM
FYI, OP is from 2016.

yray 02-19-2019 12:03 PM
You can finance a corolla xse for 60 months for $214.47 bi weeekly now w/ 5k down

Finance
130 payments of
$214.47

TERM (MO.)

RATE (%)
2.49

Vehicle Price: $26,203.20

Jmac 02-19-2019 12:15 PM
^^^ on approved credit ^^^

winson604 02-20-2019 10:15 AM
Quote:
Originally Posted by Jmac (Post 8940195)
^^^ on approved credit ^^^
Well he's been in Canada for a couple years now surely he has credit history by now lol


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