Financing a Car Help

>7% APR

jesus christ. Most places right now are offering sub 4% APR.

>>16744951
I would be gotten 3% if I did 48 months. But I'd rather take the long term L in order to keep my monthly under 300.

>>16744959
Yeah, I'm looking to do a 72 month on a Scion FRS. I need to try and keep my payments sub 200. Trading in my car plus $1000 down.

That APR is double what most banks will offer to their customers for vehicle loans...

>>16744946
7% is way to high, shop some lenders.
My last note was for an 07 Silverado at 3% 72 months.

I also just got out of the car business (selling cars) after 3.5 years. Consistently in the top three for volume and gross. If you want any help with the purchase lemme know op

>>16744946
>7%

Holy fuck dude, my buddy with zero credit history whatsoever got a better interest rate than that on his WRX, shit, I got 1.5% on a 22 year old car.

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>7%apr
What the fuck are you doing with your life?

I hope you aren't close to your limit with that monthly payment, otherwise your're fucked for the next 6 years.

I had a friend finance an M which destroyed him eventually. He calculated that he could afford it fine originally, then it needed a new clutch, tires and other shit which came in at £5k, that on top of fuel, insurance, as well as general life costs decimated him.

>>16745016
This.

If you need to take a shitty Apr to keep the payments low you can't afford it.

I hate to sound like the average shitb/ox poster but if you don't have the vast majority of the cash for the car you can't afford the car. Not saying you should pay cash, but you should have the cash floating around making money.

>>16744964
>>16744959
Stop faggots. If you can't pay it off in 3 years you can't afford it.

If can't afford more than 300 a month you can't afford to maintain a c63. Shut up and buy a civic for 3k until you can put more down and have cash on hand in case the engine blows.

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>>16744946
>At 7% APR
>72 mo
>tfw

The loan is going to cover whatever you will owe the dealer. Also take the time to get a insurance quote for full coverage since if someone crashes into you you'll still owe the full amount. It's going to be fucking high since even your credit union is quoting a get lost 7%.

>>16744959
you are throwing money away

>>16744946
>72 month loan on an already 9 year old Mercedes
>7% APR
>......
>7 FUCKING PERCENT APR FOR 6 YEARS

Jesus Christ. Don't get me wrong, it's a wonderful car but I hope you get a warranty or the payments are going to be the least of your worries. And get the loan somewhere else. My last auto loan was 1.9% apr, credit score of 720.

>>16744951
my new chevy is 0% at 48 months, i would have laughed in the salesmans face if he said 7%

>>16745016
>decimated him
So he lost 10% of his money? Doesn't seem that bad.

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>>16745016
Financing a car didn't decimate him
Financing an out of warranty M car decimated him

Or maybe he was just poor to begin with

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I just bought pic related for 24k out the door, 6k-ish down, warranty, 250 a month for 75 months at 2% from ny credit union. They do better rates on new cars. For 22k, you can get a decent new car, or at least something more reliable. And i get wanting to keep your payments low; i could easily pay more a month for my truck, but i like the extra cash.

In the end, its your money, but i wouldnt go into debt for an 8 year old vehicle... granted i was ok with getting a loan for a pre 1970 vehicle...

>>16744946
if you already have the approval from your credit union go back to the dealer and hammer down the sale price. you can beat them up a little more with a cash offer.

>>16745391
5k on one trip to the dealer. He ended up selling the car for half the price he bought it, not counting the money he spent on the maintenance and such, so yeah he got decimated.

Expensive cars are good if you have extra cash you can literally throw most of it away but you should never push yourself to the limit just to have a fast car.

>>16744946
>7% APR
Oooohee. I was literally unemployed when I got my auto loan (3.99%) Just how shit is your credit OP?

>>16745395
Sounds like he lives paycheck to paycheck and put his savings in a downpayment for the car

>>16746387
Which seems to be what OP wants to do.