I got approved for an auto loan from my credit union bank. The only thing is that it’s my first time actually purchasing a car, but I dont want to make any mistakes doing this. I want to make sure I’m doing this right and choose the right interest rate for my loan offer. I was wondering if 11.4% interest rate too high, or should I still search around? I do understand that the better your credit is, the lower the interest rate. Also, the monthly payment is $230/mo and the loan amount is $9600 for more info.
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11.4% isn’t too bad for a first time buyer on a used car.
You could save up more for a bigger down payment. This would save you the interest charges.
Car debt is considered the “mantra of the middle class.”
$10k sounds awfully nice for a first car.
How much do you have saved up?
When considering if you can “afford” $230/mo, figure into that while you didn’t have any car payment, how much were you able to bank?
Why not lower your sites 50%.
You can get a decent, reliable, low milage car for $5k, drive it until it hits 200k miles.
pffft i wish we got that rate lol. a year ago when we bought our cars we had to deal with a 20% rate!!!! considerin this is BS because we know ppl with worse scores that got better rates, but we were desperate for a car. after we close on our house we are gonna refinance that crap.
How much is your down payment?
http://federal-creditunion.com/ has everything you need to know about credit unions.