Okay, I was in the power buy deal with cerritos and I just decided not to deal with them, especially cause this one skank that didn't even let me test drive when I went in.....so then I go to another dealership...got a better price..and now I think the APR is going to rip me a new one. 5 years at 6.89%, I don't know if that's good for me...or bad for me...cerritos told me my credit score was over 750 and I think haggling Keyes Acura just got me to pay ridiculous charges cause while getting it getting it at a low price. I've never bought car before...and when I signed up for capital one, it approved me for 72 months at like..over 8 percent, I think...

including my trade in, I am putting down a total of 9500.

did I just get screwed? I know that I can just pay more a month and reduce my financing time...but is there any way out of this..I signed all the papers...just thinking about how good of a price I got...and didn't think about the after effects of the apr. yes, I know I should've done more research...and since I'm relatively new...what's the deal with refinancing? does that mean..I go to another place...that can give me a lower rate so I Can pay off what I owe so I don't incur finance charges...then start paying them off at a lower rate with the new place I got my charges from?

 

Check your credit union for rates if you have one...
If your credit score is over 750, your rate should've been around 5.09% at 72 Months. My broker got a quote from American Honda Finance and Capital One which was slightly cheaper at 4.59% - 60Months.
I would call capital one and ask them why your rate is 8% when your credit score is over 750 and let them know you are looking elsewhere.
If you go elsewhere, they will pay off the loan to capital one and you will start making payments to the new bank. Re-Financing a car is pretty easy since you have a brand new car.

 

Beware that not all cars loans are simple interest, so compare monthly payments as well. I have known persons to get loans (from well known sources like Ford Motor Credit for example) with advertised interest rates several points below a simple interest loan, yet their payments were the same or higher than my simple interest loan. Also, these non-simple interest loans make the buyer pay all the interest up-front (none on the principle until total interest for life of loan is paid off), so you really get hosed if you trade-in before the loan period expires.

 

Something is fishy here. My credit score was not 750 this time last year and I still qualified for a <3.9% loan.

You need to look elsewhere, 6.9% is too much even though interest rates have increased.

 

Agree. There might be some other factors playing here as you APR is high. As others stated check your credit union; or wait until Honda drops their APR rates.

My APR for my automobile is 1.9% fixed.

Good luck!

 

could it also be because I don't make enough a month? my salary is pretty shitty...and I'm basically using what I would be using for rent (just graduated from college and moved back home)...for car payments..


I don't know if this helps...but after all the finance charges, taxes and everything..I am paying just over 39k for my 05 TL - non navi. is this good or bad?