Posts: 2,876
Registered: ‎02-02-2012
Re: 8k used car loan, VERY high interest rate, really low debt to income ratio, VERY low score

You can pay off this car in 3 months, but you want to take a loan at 25%?


If it's about 10K and you can pay it off in 3 months... does this mean you take in an extra 3.3K per month?

If that is so, I'd just use the $3,000 or LESS to buy a beater car. Use that for a few months, save up for a better car and pay that off cash.


No way anyone should pay a car loan at 25% and then pay OTHER fees on top of that.

Follow my financial journey:

EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)