Established Member
Posts: 23
Registered: ‎01-27-2013
Roadloans = Confusion

Hello everyone! After a week of lurking, finally decided to create an account Smiley Happy

Im 21, and im searching for my 2nd car, but this would be my first time having it purchased and financed in my name. Out of highschool i screwed my credit score up, so I am resulting to anything, even if that means applying to roadloans. I was approved for up to $23,234 with an APR of 16% for 72 months, although I plan to pay off in 48 or less .. My parents hate it but I have to bite the bullet somewhere for my credit to be back in good standing. Im looking at a 2009 scion TC with a 11,995 sticker price, and a 2008 scion TC for $9,885 as choice number 2. Now, to the question... I've read the documents that they've provided, and it states :


APR : 16%

FINANCE CHARGE: $13,053.46




           NUMBER OF PAYMENTS                                                 AMOUNT OF PAYMENTS                                                 WHEN PAYMENTS ARE DUE

                           72                                                                                   $504                                                         Monthly, beginning 30 days from the date of funding until paid in full




I understand that the finance charge + the amount financed = Total of payments. What i dont understand is why the amount financed is $23,235.54 if I only need $13,053.46 for the car?!? Is this something that I have to work out with the customer service [tried calling they're closed]. There is no way that's accumulated interest... i'm very new and unexperienced to this so please be patient with me Smiley Embarassed Thank you in advance !!!



Starting Score:EXP:523 EQ:574 TU:594 {[09/13]}
Current Score:EXP:563 TU:597Smiley Happy {[10/13]}
Goal Score:700
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