Post # 1
So I finally found a car and a bank that was willing to work with me! I bought a 2011 Kia Forte and I love it!
My monthly payments are $272.38 which is in my price range, thank goodness. But the interest rate is 15.79% 🙁
I know, it’s a terrible interest rate. But I had gone to several dealerships and they were all giving me around 15% but with a monthly payment of $300 or more.
They said that I would not really be able to get a better interest rate than that right now, due to my credit score being in the low 600s and my salary being 22k.
So my plan is to make the payments at this interest rate for a year then refinance. Hopefully in a year, I can get a much lower interest rate! 🙂
But I am happy. I no longer have to drive my parents’ crappy car! Yay!
Post # 3
@LadyBlackheart: Eep! Do you qualify for a low interest line of credit (or ANY line of credit, which would be less than 15%)? I am glad you have a car, but I am sad you have to pay so much interest.
Post # 4
Yay! How exciting!! Congrats!
Post # 5
@MrsPanda99: I don’t think so…I don’t know, honestly. I don’t know anything about line of credits or what it takes to qualify for. How would I go about finding out?
Post # 6
@LadyBlackheart: I would go to your bank and ask! You have a history there and I wouldn’t be surprised if they were willing to give you a secured loan or line of credit (as in they take your car if you don’t pay). I hate to see anyone throw so much money away on interest. I’ve never seen a line of credit with an interest rate higher than 9% and that’s high.
Post # 7
@LadyBlackheart: Congrats on getting a car!
I had a co worker whose car broke down, she NEEDED a car same-day, and wound up with an 18.75% interest rate. It happens!
Post # 8
@LadyBlackheart: That is a ridiculously high interest rate. You can find CCs (and not the special promo rates) that are lower!
Is the loan secured against the car? If so, that’s even more ridiculous.
Post # 9
Yay for having your own car!
I will be in the market for one soon. Hopefully you can find a lower interest rate in the future!
Post # 10
- Wedding: November 2012 - Oak Tree Manor
Nice!! So exciting! My DH has a Kia Optima and he loves it, they’re great cars
Post # 11
@LadyBlackheart: yay!!! congrats!
try refinancing in a year for a lower interest rate. Great to hear you got a good monthly payment!