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Discussion Starter · #1 ·
Searched and couldn"t find a thread, but if you have an auto loan, how hard did you get screwed?

I'm 20, with an 02 SE and on top of the $10k i paid for the car, my interest rate is 25% compounded annually....total cost $20,636.

What about you guys?
 

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Kony For President
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I have shitty credit, so I save a bunch of money.
 

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Searched and couldn"t find a thread, but if you have an auto loan, how hard did you get screwed?

I'm 20, with an 02 SE and on top of the $10k i paid for the car, my interest rate is 25% compounded annually....total cost $20,636.

What about you guys?
Holy ****, fucking 25%??? Are you serious? D:

Go open an account with Penfed and refinance your loan. If your credit doesn't suck balls you'll be down to 2.5%. I bought my NA cash since I couldn't get a loan on a car that old at the time (no credit union). I financed my E46 entirely since I can easily make more than 2.5% a year with my money (through Penfed as well). My car payment is just $200 a month for 60 months.
 

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Discussion Starter · #5 ·
Holy ****, fucking 25%??? Are you serious? D:

Go open an account with Penfed and refinance your loan. If your credit doesn't suck balls you'll be down to 2.5%. I bought my NA cash since I couldn't get a loan on a car that old at the time (no credit union). My E46 I financed entirely since I can easily make more than 2.5% a year with my money (through Penfed).
I have zero credit hitory. Apparently worse than bad credit.
 

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Discussion Starter · #7 ·
:(

How long have you been making payments? I seriously think you need to look into refinancing ASAP. It's free money on the table if it's been at least a year.
I've had the car 3 months. I got it thru Carmax and they set me up with the worlds shadiest finance company, who refuses to refinance.
 

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FAWK that sucks... thats tooo much in my opnion... Dang well I sold my Other project car and had some money saved up.. bought my 50k mile 05 NB for $6,000, got it off a marine that was leaving to Iraq... One Payment.. Try to get a loan from another company to pay off ur car loan and then u just make payments on the new loan... Best of luck
 

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So, let me share a secret with you:

Financing a car is about the worst financial decision ever. The End.

Well, probably not as bad as trying to live off credit cards, or mortage a house that is wayy out of budget, but its up there as one thing we finance that we really shouldn't.

I paid $8000, about 2 years ago for a 99 NB with 47k miles on it. One time, no auto loan.
 

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All my vehicles (including my motorcycle) were paid with cash. Only deal I'm in "debt" for is my home, but didn't have $100k laying around to finish that off, ha.
 

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OP, sounds like you got fucked and there is no reason you can't go to a bank or other agency, re-sign under a 2.5-5% and take that money to immediately pay off the people who are clearly ripping you off.

Talk to your parents. I'm sure they can help you figure it out.
 

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I was forced to finance a car, i was 19 at the time. I work for a phone company with a credit union. They gave me a 13k loan with 3% interest. The only credit i had was a small personal loan of 2000 i paid off.
 

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This is incorrect if you have better things to be doing with the money. I could have bought my E46 straight up, but investing the money is far more profitable.
If you have better things to be doing with the money, its unlikely you need the car. If you said this same advice about college loans, then sure I agree. But unless you are some stock market guru I doubt you are overcoming your car loan's monthly interest.
 

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If you have better things to be doing with the money, its unlikely you need the car. If you said this same advice about college loans, then sure I agree. But unless you are some stock market guru I doubt you are overcoming your car loan's monthly interest.
I only have a couple years at this, but my average return is around 60%. Up ~20% so far this year. If you can't beat 2.5% a year, then you're getting run over by inflation anyway.

Made big money on GNVC, BIOD, ALXA, AMRN, AIS (only current holding), PSVD, BNVI, FAZ, PROT, JRCC. Lost money on more than a few tickers too, but more wins than losses.
 

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I did my loan through my bank, and I'm only sitting at 3% Interest. I even have low credit, since I'm still building it up.
 

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More than you can afford pal. Ferrari
 

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smoke em *closes laptop*
 
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