Is 10.5% interest high on a 1st time buy?
I was able to get a brand new 2014 Honda civic first time buying. I have good credit around 700 but I have never own anything in my name or bought anything. Trade my old truck in and gave me 4500 for it but my payments are still 338$ for 72 months. I'm worried if I made the right decision.
Yes, 10.5% is a very high rate these days, even if it is your first credit purchase. Your score is good so I would expect no more than a 6-7% rate maximum.
Don't agonize over it though; it is over and done with. Check with your bank or credit union to see if it makes sense to refinance. If not, just work to pay that loan off as soon as you can.
That is a "rip-off" interest rate in 2014. Many dealers are offering much lower financing rates in the 2% to 5% range.
Yes, you got screwed. That interest rate is ridiculous. Start shopping around to 'refinance' that car loan.
Yes, that's quite high
That's more than I've ever paid monthly and much longer than any car loan I've ever had - too late now to have regrets - I hope that payment is not any more than 15-20% of your monthly income
WAY TO HIGH. Way WAY TO HIGH. Shop around. Or go to your bank.
The last car we purchased, I used capital one and they overnighted a check to use which I took to the dealer when I purchased the car.
Yes it's a high rate, but if you have never bought anything you don't have credit which is why the rate is so high.
What has "1st time buy" got to do with it?
No point in the question really cos its too late now.
you SHOULD have looked around BEFORE buying not after
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