What's the catch with these no credit check, open loan-ok,

>>16866745
29.9% interest and a HIGH payment on short terms

>>16866746
Ah I see. Thanks m8.

>>16866746
This, and they'll just repo and resell it when you inevitably can't make the payments because people who make payments wouldn't be looking at places like this. They're scumbags.

>>16866765
Well I'm just starting off in my life and desperately need a car. A reliable car. Messed up on my student loan earlier on by going awol but am making enough to cover my rent, loans and $400 in total(per month for car payment and insurance). Just need a 2nd chance m8.

>>16866788
I'm not saying you're a scumbag--I'm saying they're scumbags. I think you'll inevitably you'll regret this decision, but when you've got no choice, you've got no choice.

>>16866788
Save up that $400 a month for a few months. Ride the bus in the meantime, and start looking for a Craigslist Special.

The car loan route is not safe, and they'll take you for as big a ride as they can.

>>16866805
Honestly if the interest rate is as high as
>>16866746
stated, I won't go through with it. I'm not desperate enough to be blinded by a conman. It's just that this dealer had a car I wanted but it's literally too good to be true.

>>16866813
I agree. I'll probably do this and just get a cheap beater but public transportation is not an option for me so I'll have to see which route I take.

>>16866814
I think it's probably going to be more along ~18%. I would do this >>16866813 if it's at all feasible to ride bus.

>>16866745
>everyone deserves a better future
>especially us when we will repo all your life

>>16866814
I once bought a miata from a BHPH.
Was clean and only 100k miles for $4k
They offered 24.5% and 300/month
I put down $2k
Next month paid the second $2k
They were mad.

>>16866827
Damn that would be about $3000 in interest for the vehicle I want.

>>16866830
Were they okay with paying off early? Were you the few to succeed?

>dealer sells cars at 30% undermarket value
>go see car and it's actually decent
>offer to pay up cash
>dealer refuses and say I need to finance
>financing is at 49.9% (the legal limit before usury)
>Dealer says yeah but you can get a low monthly payment if you take 8 years

People actually fall for this.

>>16866854
What do you recommend for a reasonable auto loan length?

>>16866861
For new car 5 years would be stretching it far.

For used car nothing more than the actual time before the car becomes worthless. Usually 2-3 years.

>>16866872
Okay. thanks.

>>16866842
They cant stop you from paying it off.
But yeah they were mad

>>16866886
Only if it is an open loan. Read the contract you sign. They could very well add in a clause that adds fees for early termination of the contract.

>>16866879
If you look for a car loan you can also look up with your bank. They can often get you a good interest rate and you know for sure they will be reliable.

>>16866902
True. I never considered that. I'll get right on to it.

>>16866915
You can go to get preapproved for credit. They will tell you how much you can take. Then cutoff 30% of that amount and look up for cars.

When you find a car and negotiated the price you can go back to your bank to get a bank draft. (Like a cheque but certified by the bank.) Don't let the peddlers try and tac on extra costs afterward. Remember you can always walk out.

>>16866942
Appreciate the tips.

>>16866745
John Oliver did a good story on this

>>16866854
>fifty fucking percent interest

That can't be true, let alone legal...

>>16868058

Assuming it's like most bhph, they're not a financial institution of any sort so they're not bound by any of the rules banks/creditors have to follow. Depending on the state they can charge however much interest they want. They can also calculate it whenever they want as well. Banks/creditors might go monthly, but a sleazy bhph could do a daily calculation if they really felt like it

>>16868081
That's horrifying.

>>16867656
this one?

https://www.youtube.com/watch?v=aRrDsbUdY_k

Look into joining a credit union if you have those. They will generally give you a much lower APR

File: carl sagan what.jpg (6KB, 252x252px) Image search: [Google]

6KB, 252x252px

>financing a car

Your point?