Purchase new car finance 8% interest 72 month good or not?
I just get honda crv 2014, brother co-sign for me
honda.com website show 2 % , but when they check credit and finance is 8 %
is that a lie, how come website show 2 %
they told me 2% for exelence credit
but website doesn't say that, i though 2 % is for everyone when credit approve
so 8 % is it good or no good to get, i feel like that too much
I guarantee you there's a disclaimer on the website somewhere that says the 2% rate is for top-tier borrowers and most borrowers will pay more. That's life. 8% is high, but probably not in your case.
It say's "For Well Qualified Buyers" Undoubtedly you do not qualify or you would not need a cosigner. 8% is way too high unless you have really bad credit. Check with your local bank and see what they offer. In fact with needing a consigner IMO, you have no business buying a new vehicle at all. Buy something you can really afford and finance it for no more than 36 months.
The 2% is for people who have sky high credit scores, or can place a large down payment on the car. You have to read the fine print.
The 2% rate is also designed to get you into the dealership so that they can sell you a car (high pressure) knowing full well that 99% of their customers won't even qualify for the 2% financing.
Since you needed a co-signer and probably don't have well established credit yet, you'll certainly pay the higher rate. 8% is about 2x the rate you should have received for a brand new car.
8% is high and 72 months is even worse, never go over 60 months
I believe you can find in the small print of the website that the 2% is for tear level one barrowers. That would be me but not someone that has no credit history and needs big brother to cosign. 8% is outrages that is for sure and you might want to check with a credit union for a better deal or forget about a new car for a while.
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