It took me nearly 3 years to find someone that would give me a loan on somthing other than the typical "first time buyer" car (cavalier, sunfire, s10, blah...) without a co-signer.

Finally I got approved (raped) by some crap company on a sweet fully loaded Maxima. My loan was $17,000 with 18% interest rate and $400 per month payments for 72 months!



Here I am 6 months later, just got approved to refinance at 8% and a $350 per month payment for 60 months

Thank you E-LOAN!

 

It's good that you saved some money. You might have considered a lesser car for a first time buyer. You ended up paying around $23k for a $17k car. It's probably better to start smaller to establish good credit and work your way up to bigger and better things. Once you establish good credit, you will get lower interest rates.

 

Did you call that first loan company Daddy and touch your toes too. LOL
But seriously thats good to hear that you got that down thank god for those Internet loan companies now.

 

17,000??? are the miles really low??? i got mine for 13,000 w/60,000 miles

 

Congrats! I can't imagine payments for 72 months w/ 18% interest rate!

I got a loan through peoplefirst.com. 5.5% I believe. And I thought 5.5% was high!

 

My maxima was my first car and my first loan ever. I qualified for 2.9 for 60 months. I had really good credit I guess, but it's hard to believe I could build it up that much just from credit cards. Of course now I'm also a home owner and making that monthly mortgage payment has only pushed my FICO scores higher.

I just could not imagine paying 18% on an auto loan. They were totally taking advantage of you. Good to hear you were able to drop that down.

 

Peoplefirst is now Capital One. Same people, just a big company bought them out. With Cap One refinances there is no LTV restriction. I should know... I work for them!

 

When will your car be a NY pimp ?

 

EGADS!!!! 18%, I know I refused to finance at that but good that you got refiance after six months. That is realllllly HIGH, I think you were that persistence to get a car you WANT.

 

"$17,000 with 18% interest rate and $400 per month payments for 72 months!
" Holy crap. Why you thought that was a good idea I would never be able to understand. I moved to the US two years ago and all I could get was similar cut-throat rates because I had no credit (good income though). I excercised a little restraint and bought a $2300 sentra with cash. Last year with a good credit score I bought my maxima. What's wrong with waiting a while?

 

Where are you coming from? I will say some Americans live outside their means (i.e. Credit card debit), we live in a take action, think about consequences later society. Only exception are MAX.org members. I do not have that philosophy especially when it comes to my money.

 

From Canada ,where the consumeristic buy-on-credit lifestyle is not espoused to quite the same degree as in the US. Average credit card debt is less and generally people seem a little more willing to wait and have patience when it comes to buying what they want (granted the US and canada are very similar and I'm not saying this is apples and oranges, since both cultures are so close). Nobody should be buying anything at 18%, let alone a $17,000 car.

I don't know sypher's income, but I've heard of people making as little as $25k/year buying a new WRX STI at $33k. Such purchases are mind boggling in the extreme. Just no common sense or feeling of waiting until the right time at all. Purchase impulsivity has enslaved much of the nation.

 

I couldn't have said it more eloquently.