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This is actually a pretty typical interest rate for someone who has no credit. I had no credit at the time I bought my very first car and TMCC wouldnt offer me a dime on a new car. I got a cosigner (whom btw just claimed bankrupcy 6 months prior) and boom! Instant credit. APR was 14.99% which was bad but was better than nothing. A year later I traded in that car at Toyota and got an APR of 3.4% from TMCC. No credit truly is worse than bad credit. I say take what you can get and refinance if you can at a later date. Its really the only thing you can do if you want a new car and have no credit. (That or find a cosigner with better credit than the one you are using)
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