first post , My wife wanted to get a car 20k and we are putting $6000 downpayment. she has a short length credit history and her score from TU is 630 per TD Bank where she got denied. well most major bank denied her. but the dealer said there's is one bank that approved her but we need to come back with some paper works like paystub and proof of address like utility bills. She makes $46k a year. I ask the dealership what's the rate but they wouldn't tell me the business manager said it's a reasonable rate. my question is
what's a reasonable rates to dealers with no credit and low score. our limit is no more than 15% interest rate. What do you guys think ?
Thats a BS answer. I would push on the answer before wasting your time going in there.
If the dealer won't tell you the rate, they are going to rip you off.
In this market, a high rate is anything over 5%. That doesn't mean the dealer won't stick you with a 30% apr.
That's a lame BS tactic to get you in to the finance managers office with the paperwork. I've been told those exact same lines before and walked away. I suggest you do the same. Tell them you want to know the APR before hand or just walk away it's as simple as that. Remember you have the power here not them.