I bought a car over the weekend and was wondering how well my interest rate did. I got 7.4% but the loan was for 60 months and was about 3000 more than the KBB retail value due to have upside down equity in my trade. I guess the question is does the fact I financed 130% of the overall value impact the rate, also the car was an 04 as well. My credit score is good , about 700.
Any responses would be appreciated
That’s a decent rate for an 04, nothing to worry about. good luck.
i would say u did very well
but u need to pay that loan much faster then 60 months or the negative equity will surely double and you will need 5000 down on your next purchase