Did I get screwed? (Auto financing)

They don't have public transportation where you are? Even that would be cheaper.

 

I would still investigate trying to cancel the deal if I could. If there is anything wrong with the car after they've had it on this repair job, I would use that as leverage to cancel the deal. I understand being cash strapped and having bad credit, but 35% is just a hateful interest rate. If you go ahead with it, force yourself to make double payments on the loan so that you absolutely will pay it off quicker (not just hope that you will). Honestly lovey, use that bike, walking, public transportation - anything. Good luck .

 

Werd. The dealer will give the highest rate they think you will pay and take kickback from the bank. Get your own financing before going in and don't tell them until after you negotiate a price.

Problem with those 0% deals is that you usually pay almost full sticker price and they don't back off that much. They also won't give you any rebates usually.

I didn't think 35% was even legal. That's an absolute ass raping. I've never heard of anyone paying more than 10%. You could have taken a cash advance off one of your credit cards for less.

 

Agree...

Surprised 35% is even legal. That sounds like loan shark rates.

I'm betting that if you can only get approved for 35% on a car loan, that you don't even have a credit card not in collections. And if you do, it's maxed.

 

Any time you pose the question "did I get screwed" the answer is almost always YES!

 

When you say "bad credit" how bad? What's your score? Even people in the mid-500s can get an interest rate of around 14% for autos.

 

Were they giving away free tacos?