auto dealer offered a car loan with money from stimulus package. The load deal for an auto was with a loan rate of 19 percent. What is that all about? The stimulus money is supposed to help the banks make loans that at truly sinful?????
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They were BSing you. So far there has been no release of stimulus money for car loans. And they are either a rip off place or you have really rotten credit to be asked to pay that rate.
Welcome to the car business. They saw you coming and going. You don’t have any recourse. You signed the papers, agreed to the interest rate and terms.
You are probably upside down in the car, meaning you owe more than the car is worth.
Pay this off ASAP
The auto dealer is hustlin you. They get the loan from their bank at a low percentage, then charge you 19% and keep the difference. Pay cash or finance your own vehicle. NEVER EVER go through a car dealership for financing, no matter how easy it may seem. Go through your own bank with your credit right or buy a used car you can afford. Everyone wants a shiny new car but it’s value drops soon as you drive it off the lot. They are trying to screw you each and every which way they can. I bet you they’re even overcharging for the car go on kbb.com to see the car’s true value.
1st of all NEVER EVER Finance at a dealership.
ALWAYS finance through your own bank or credit union.
If you are not a credit union member become one.
I haven’t financed a car in 30 years through a dealership, they rip you off, even if you have less than perfect credit, establish a relationship with your credit union by opening a savings acccount,
What I do Is I get PRE APPROVED up to a certain amount.
I go car shopping (sometimes use car websites) and I bring in the print outs of the cars I am interested in buying, The bank well tell me which ones are the best deal. Then I go look at them, with my bank loan in my pocket giving me negotiating power, I don’t tell dealerships I have the financing until we have agreed on a price, and then… I spring it on them…
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That interest rate is based on your credit. I’d say your credit isn’t very good and that makes you a high risk. Thus the higher interest rate.