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Discussion Starter #101
we have learn this time, thats why we are doing refinance, because i know we can get way better rate than this 6.89% any time instead haggle with this dealership.
 

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The deal was 60 month and 0.9% APR, then they brought my mother in to a office to sign the paper. my mother told the finance guy, 60 month? 0.9%? yes ?, the guy said yes, and he asked my mother about extra warranty and gap(my mother only know warranty term), so she said no any thing. after all, she signed the paper.
It was my fault too, that i was not with my mother in the room, because we were their loyal customer and we trusted them.
Rofl. Now you're changing YOUR story. In your initial post you said 72 months financing. You really need to get your own facts straight. This is very humorous.


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this is off topic, but i heard used cars have a higher interest rate than new cars. not sure if that's true though...
True. Check your local newspaper every week for the local average APR's listed as new and used, it's always there. Used car loans are higher because the buyers are considered higher risk. Lower risk consumers get lower rates, that's how it works.
 

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That doesnt make much sense. Youre sayin only high-risk buyers purchase used cars? Thats hard to believe. A loan is a loan regardless if its a car (new or used), a house, a motorcle, it doesnt matter the product. Now with certain new car specials they may run certain low-interest specials.
 

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Used car loans are higher interest rate be cause of values and risk assessment by the lending institution. Most if the time your lowest rates on new come from the manufacturers credit company. Yes credit unions are almost as low but they are owned by the members. A manufacturer will take the risk knowing it can repossess holding alot if price, and is profiting off the overall of the cost if the car, on the other hand a private lender or bank is completely dependent on interest and will base it's rate on your personal credit. There was a recent survey that read that over 60 percent of adults which had a beacon score of 700 or under bought used cars, because of this, banks will profit more off the used market then the new.most people with those beacons don't even realize they can buy new and don't bother to try. Higher risk equals higher interest.


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Raspy is a bad thing?
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The recent study story mentions 700 and below. That is quite a wide gap of beacons to be thrown together in a study. I would feel more confident in this study if they actually broke it down into groups vs lumping all together. 700 is hardly high risk.
 
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