I just turned 18 a month ago, and have no established credit. I own a 2005 Dodge Neon SXT with 51,000 miles that I got a $3,000 trade-in value for due to the salvaged title.
I recently turned 18 and went down to a car dealership where I saw a car for $8,000 that I REALLY liked. They told me that if I were to finance the car down, with my trade-in, and an additional $500 down that the best loan rate they could give me was 25%.
Personally, I thought that sounded a little ridiculous. I wasn’t expecting a low rate, but that just seemed a little too far. I was wondering if this is reasonable, or if anyone knows of a bank located in Spokane, WA that can give out good loan rates to people in my situation.
Sorry for stating twice that I turned 18, and the few grammar mistakes.
