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Originally Posted by alderaan34
Its not the dealer that sets the apr though, thats all handled by the financial institution that offers the loan. Its all about what the credit report, income and risk factor that determine your apr.
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That's not entirely true. You may get approved at 2.9%, but if you let the salesmen walk over you, you'll never know you got approved at that rate and take the higher number he came to you with(hey, you got a 7.9!, congrats). That goes right along with the "how much do you want to pay a month" bullshit strategy.
When I bought my Acrua 10 years ago they tried something like that on me. I told them I already had a loan secured, but maybe they can beat it. So she asked me: "what rate are we trying to beat?", I replied with: "well, aren't you offering 1.9% to qualified buyers?", "then you're trying to beat 1.91 of course". She didn't look happy.
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Oh yea, if your bank won't give you a credit card(likely the case), then get what is called a Secured Credit Card, anyone can get one, even Bernie Madoff! These work simply by having a credit limit equal to what you give them as a down payment. Start with $500 but never use more than 30% of it($170). Use it to buy all the little things you would normally use cash for(gas, beer, cigs).
If you suck at remembering things, then put cash in an envelope each time you use the card. That way when the bill comes you already have the money set aside. After 1 year of using this card, you'll get tons of offers.
Make sure to always pay the balance IN FULL, one payment. The part about not using more than 30% of the $500 is because it helps your credit rating increase faster because you don't have a specific % of your available credit being used. Maxing out your cards makes banks worry. Using a small %(approx 1/3rd) makes them think you are savvy.
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Quote:
Originally Posted by Porsche
My computations suggest that $32-33k is around what the dealer was charging the OP.
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That's about right. Even at 0.0% he was being bent over.