Got approved but not sure about the terms

[Anonymous]

Got approved for a $19k car with 12% apr with $1000 down. I have 2 CO's that I'm paying. EQ score is 570 and TU is 604. I need a car pretty bad and the finance mananger said he would work with me in 6-8 months to refinance the vehicle. The car's value is $23k.Is this a good deal? or am I getting screwed? this will be the first car that I will be financing.

[pizzadude]

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@Anonymous wrote:

Got approved for a $19k car with 12% apr with $1000 down. I have 2 CO's that I'm paying. EQ score is 570 and TU is 604. I need a car pretty bad and the finance mananger said he would work with me in 6-8 months to refinance the vehicle. The car's value is $23k.Is this a good deal? or am I getting screwed? this will be the first car that I will be financing.

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What loan term did you agree to, 60 or 72 months?   Also is this a new or used vehicle? 

[Anonymous]

It is for 60 months, perhaps maybe I can try and extend to 72 months. Used car, M/Y 2011

[Creditaddict]

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@Anonymous wrote:

Got approved for a $19k car with 12% apr with $1000 down. I have 2 CO's that I'm paying. EQ score is 570 and TU is 604. I need a car pretty bad and the finance mananger said he would work with me in 6-8 months to refinance the vehicle. The car's value is $23k.Is this a good deal? or am I getting screwed? this will be the first car that I will be financing.

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1. I would not try to go longer than the 60 months if you want to refi shortly down the road it will leave you need much more cash.

2. I don't think it's to bad considering score

3. I don't know that I would believe the finance guy saying they will help you refi later, how can they do that... they sell cars, you can't go into a dealership to refi your car, you have to do it on your own... not that you can't just don't plan on this guy helping!

[Anonymous]

I left a deposit for the car, it's a little more than what I Intitally wanted to finance but it's a great a car and I can drive it 2-3 years and not worry about taking much of a hit. If I go shop around for a better rate, I'm worried that it would add more inquiries to my CR and bring my score down. So far I have two inquiries.

[Anonymous]

Does anyone have any other suggestions? I need a car bad, it's not because I want, it's a need. The car I'm driving now is 13 years old, no power steering, no AC, the front brakes and rotors are not gripping, making all kinds of weird noises and it's leaking, yes the engine is still good but everything else is falling apart (Saab) Should I go for it?

The car is $19k (KBB is $24k)

12% APR

$500-1000 down payment

payments are roughly $400

I have 18k in debt

Gross income is 44k

TU 601 ( was 619 until I added auto inquiry)

EXperian: 581

Equifax 570

[Anonymous]

What kind of car is it, and the milege?  I would say if a honda or toyota, you can pull it off, but look up mechanical problems that could be associated with that model.

[Creditaddict]

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@Anonymous wrote:

Does anyone have any other suggestions? I need a car bad, it's not because I want, it's a need. The car I'm driving now is 13 years old, no power steering, no AC, the front brakes and rotors are not gripping, making all kinds of weird noises and it's leaking, yes the engine is still good but everything else is falling apart (Saab) Should I go for it?

The car is $19k (KBB is $24k)

12% APR

$500-1000 down payment

payments are roughly $400

I have 18k in debt

Gross income is 44k

TU 601 ( was 619 until I added auto inquiry)

EXperian: 581

Equifax 570

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that sounds pretty good to me... keep working on cleaning up the baddies and look at refi in 6 months.

[SunriseEarth]

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@Creditaddict wrote:

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@Anonymous wrote:

Does anyone have any other suggestions? I need a car bad, it's not because I want, it's a need. The car I'm driving now is 13 years old, no power steering, no AC, the front brakes and rotors are not gripping, making all kinds of weird noises and it's leaking, yes the engine is still good but everything else is falling apart (Saab) Should I go for it?

The car is $19k (KBB is $24k)

12% APR

$500-1000 down payment

payments are roughly $400

I have 18k in debt

Gross income is 44k

TU 601 ( was 619 until I added auto inquiry)

EXperian: 581

Equifax 570

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that sounds pretty good to me... keep working on cleaning up the baddies and look at refi in 6 months.

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+1.   The APR isn't terrible, given your scores.   Definitely work on your baddies and overall credit profile and refi yourself when you can make an improvement on your profile.  Definitely get suggestions from the "Rebuilding" forum if you haven't already done so.  

[Anonymous]

Thanks for the comments.

The car is a Infinti g37 with 24k miles. Pretty solid deal if you ask me.