18% auto loan interest rate?
 

I tried HBSC from ebay and I got a stinking 18% interest rate. That ---- seems pretty high to me, I'm new to auto loans so I could be wrong. My house is financed around 6-7%.


update
---------
I got 13% with the wifey's credit and mine

Re: 18% auto loan interest rate?
 

That's a horrible rate for an auto loan. Right now I pay 27.99% which is the worst god damn interest rate you can have on a loan. My last loan which was through HSBC was 12.69% and I had "questionable" credit. :l HSBC is a good bank to loan to people with ---- credit. If your credit is decent, go someplace else because HSBC will just ---- you over. :3
__________________
Best Car Insurance | Auto Protection Today | FREE Trade-In Quote

Re: 18% auto loan interest rate?
 

pretty much.

if you go to a credit union depending on your credit your interest rate should be between 9-14% i'd say on a used car. much lower on a new car.

Re: 18% auto loan interest rate?
 

6-7% is considered pretty tough to beat for a loan rate on a used car. any new car over 5%, don't go for it. 6.9% interest is approx $20 paid for every $1000 financed on 5yr, $25 for 4 year.

Re: 18% auto loan interest rate?
 

pentagon credit union - i didnt qualify
capital one - failed ...

I guess no credit is bad credit really is true.. BLAH

Re: 18% auto loan interest rate?
 

Well then HSBC is the bank for you. :P I have 3 credit cards with HSBC, all of which have a pathetic $300 limit. Those dick lickers don't hand out credit limit increases for NOTHING. :7 For that, I carry a -0- balance with them and they can ---- themselves if they want to make any money off me.

How much is the loan for? A high interest rate isn't that bad if the loan amount is low. I'm only paying about $4k in interest over the course of my 2.5 year loan at 27.99%. It's not that bad since the loan amount was so low. :l
__________________
Best Car Insurance | Auto Protection Today | FREE Trade-In Quote

Re: 18% auto loan interest rate?
 

18% is a terrible rate.
Personally, I just bought an 06 impreza wagon. 6.5% through a credit union. $13,900 financed at $308 a month. Plus, when the "bank" owns a car, you will need full coverage. I have a $500 collision deductible on my insurance for the car and it costs $815 a year.

Re: 18% auto loan interest rate?
 

A buddy of mine just got a new car last month at 9% .
Yesterday My wife with crappy credit got a used 2002 at 5.74%
I'm at 0% ...car loans FTL.

Re: 18% auto loan interest rate?
 

co-signer?

Re: 18% auto loan interest rate?
 

Define "crappy". Bad credit does NOT=5.74% interest rate on a USED vehicle.
__________________
Best Car Insurance | Auto Protection Today | FREE Trade-In Quote