QuestionI have been approved for financing on a 2003 Chevy Avalanche 4x4. It has been 22years since I last financed a vehicle. According to the dealer, since I have not financed a car in a long time, the best interest rate that he could get was 13%.
He said that it is usually 16%-19% for buyers with no car credit. The vehicle has 23000 mi sold for 23995. Is this dealer given me a bunch crap about the interest rate? Should I walk from this deal? I live in Michigan.
Regards,
Greg Ward
Answerthere are many variables, i need some more info. Forget it has been 22 years since your last car loan. Answer for me these questions.
1) do you have a mortgage in your name-if you do is it paid on time.
2) do you use credit cards-again if you do is it paid on time.
3) is you outstanding debt high, rate wuill be affected if it is....
My suggestion:
go yo www.capitalone.com and also
www.eloan.com apply for the amount you need, you will get an answer in a few hours, if the rate is better then use it. If youir credit is above average and you apy on time you should get a rate of 7-10%...Please let me know how it goes!
Good Luck!
STEVE
