Ok, let me give you my info. to see if you can tell me any different from what I've heard.
1. I make about $500 a week gross, $425 clean. About $1700 a month.
2. My credit score is 694, with only a credit card and a limit of $600. I've had it for about 13 months, and I've never payed late.
3. I want to finance a used 2008 Honda Accord Coupe, which will be about $20,000, with a 60 or hopefully 72 month term. According to http://autos.yahoo.com/car-finance/monthly-loan-calculator.html, with a down payment of $5,000, no trade in value or rebates, 60 month term, zip code of 33015, and interest rate of 8.25% based on my credit score and location by clicking the "find your rate" link, my monthly payment will be an estimated $334.
My problem is that one day I spoke to a car salesman and he told me my APR will be around 18%. That was when I told him I didn't want to cosign. He did not obtain my credit score, so maybe he assumed I had no credit. The reason im confused is he tells me 18%, yet online it shows 8.25% Someone tell me how this really goes down and if I will be able to obtain this car financing according to my above information, or cosigning with someone? Thanks!
1. I make about $500 a week gross, $425 clean. About $1700 a month.
2. My credit score is 694, with only a credit card and a limit of $600. I've had it for about 13 months, and I've never payed late.
3. I want to finance a used 2008 Honda Accord Coupe, which will be about $20,000, with a 60 or hopefully 72 month term. According to http://autos.yahoo.com/car-finance/monthly-loan-calculator.html, with a down payment of $5,000, no trade in value or rebates, 60 month term, zip code of 33015, and interest rate of 8.25% based on my credit score and location by clicking the "find your rate" link, my monthly payment will be an estimated $334.
My problem is that one day I spoke to a car salesman and he told me my APR will be around 18%. That was when I told him I didn't want to cosign. He did not obtain my credit score, so maybe he assumed I had no credit. The reason im confused is he tells me 18%, yet online it shows 8.25% Someone tell me how this really goes down and if I will be able to obtain this car financing according to my above information, or cosigning with someone? Thanks!