Guys so I am planning to purchase an 05 TL Base Manual the car is priced at 8995 and im planning to put 2800 down payment at 23% APR and the dealership is asking for 102 a week and or 410 a month do these numbers add up and make sense? Is it worth it at this price?

I am highly interested in making this purchase but being that this would be my first dealership purchase I need opinions if I am being ripped off and if the price make sense.

Excited to get in a TL always liked the style!

 

23% apr?!! Are you borrowing money from sammy the bull bravano dealership ?

I see loans advertised from 0% apr to 2% all day long for new cars. Used car at credit union I see for 2.2-3.5%

I love me a manual sedan but at those rates, I would run away

Loansharking

 

I was ready for a high rate being that its my first time buying from a dealership but what I dont understand is im basically paying double to almost triple the advertise priced

 

your credit must suck or you don't have any. judging by a weekly payment i would say bad. it all depends on if you think it is worth it. everyone I know who has done buy here pay here wants out of the payment within a year. you will be so upside down on what you owe your screwed. i wouldn't do over 6% and that is high. my 2013 is at 2.9% used rate not new.

 

My cousin just bought a base Impreza sedan . First new car. Totaled her 20 year old Camry. Grad school in michigan .

Her rate is 5.3%, 0 credit history

My Acura wagon is used CPO. 24 month, 0.9%, 0 down .

 

go to a bank and try to get a loan it CANT be any worse than 23%

 

Thanks for the opinion guys you just reminded me about a credit union that I signed up for 4 years ago and finance the dealer that I just went to I wanna see my luck with that

 

Good luck

 

Yikes, even though you didn't ask, make sure you have a mechanic check out the car so you don't run into any unforeseen issues with the car... Best of luck with getting a better rate!

 

Goodluck man....but I would def run away from that 23% apr.

 

Don't. Do. It.

 

^^^^ This.....

No car is worth 23% APR-not even a TL. They are ripping you off.

 

Two days later and no one has inquired as to the duration of the loan?

No, it's not worth it.

No one can possibly tell you if the numbers make sense without knowing the length of the contract, but figuring roughly 8% tax rate on 9k, you're at $9700, minus your 2800 down payment, leaving you to finance roughly $6900. Using Bankrate's trusty calculator, punching in 6900 for say two years on a 23% rate shows a payment of $361 a month. And that's a short contract. Something stinks here. Run away.


Auto loan calculator - Bankrate.com

 

I was wondering the same thing. I can only get 410/month by using $7800 @ 23% for 24 months.

That makes the original purchase price with the down payment really $10,600. With interest, the total cost is $12,640. That's Waaaay too much.

This has to be a 'buy here pay here' lot. Don't refer to that as a dealership. If that's the only way you can afford to purchase that car, you can't afford to purchase that car.

 

Dam $410/month? That is the similar payment for a $50k car lol. Hell no to the 23%, also becareful if you bring your own credit union loan then they will jack the price up. I have seen this before.

 

you might want to save up the full price of the car before you finance it - 23% is INSANE!!!

 

23%? Are you buying it from a bookee???

 

A payment on a 50k car is going to be much, much more than $410 a month, unless you're financing it for 12 years, which, well, no lender will likely do. $410 x 60 months is only $24,600.

 

Maybe the OP forgot a decimal point and meant 2.3%...?

 

OP, 23% is much too high

is it one of those "buy here/pay here" establishments ?

to make the best informed decision, please check out :

https://www.carbuyingtips.com/finance.htm

Used Cars: For Sale, Appraisals & Certified Pre-Owned | Edmunds.com

(especially the financial chapters)

 

who ever is getting the 23% is robbing you. haha

 

this absolutely cannot be a real post.

23%?

use a fucking credit card first LMFAO

 

That interest rate is stupidly high. Find another dealer, or talk to a bank.

As well, the rate may be a reflection of your credit score and financial situation, which may be the universe telling you that you want more car than you can afford, sorry to say. It may make the most financial sense to take your down payment of $2800 and look for a used car in the $2000-5000 range.

Which would preclude a TL, unfortunately.