Getting straight raped by this auto loan I recently signed...

[winb83]

Thats how they get uneducated buyers they ask "what can you afford monthly" and you will say 300, and they like "i can get you 280 a month", and sign you up for a 72 month 20% interest loan for a 2002 Benz

not uneducated buyers, people with bad credit. People with decent to good credit go to a credit union or bank and finance a car loan then go pick the car they want. people with bad credit end up going to the dealership and finance the car there and the dealership probably has some shady financing institution that rapes you on the loan.

 

[Apollo Creed]

Yes, the market is geared to keep poorer uneducated people in debt for life.

Thats why I always tell people never finance for more than 60 months, and dont finance anything older than 2 yrs old, if you can stay within those guidelines its hard to get f*cked over.

 

[Apollo Creed]

not uneducated buyers, people with bad credit. People with decent to good credit go to a credit union or bank and finance a car loan then go pick the car they want. people with bad credit end up going to the dealership and finance the car there and the dealership probably has some shady financing institution that rapes you on the loan.

lol I've never seen an educated buyer with bad credit.

 

[winb83]

lol I've never seen an educated buyer with bad credit.

Bad credit isn't always due to irresponsibility. Medical bills can mess up your credit. I knew people that as soon as they could get credit their parents signed up for credit cards in the kids name and messed up their credit.

 

[Apollo Creed]

Bad credit isn't always due to irresponsibility. Medical bills can mess up your credit. I knew people that as soon as they could get credit their parents signed up for credit cards in the kids name and messed up their credit.

Thats fine and all but like I said I've never seen an educated buyer with bad credit financing a car, usually those types buy cash.

 

[The Nigerian]

Thats fine and all but like I said I've never seen an educated buyer with bad credit financing a car, usually those types buy cash.

This.

 

[Ethnic Vagina Finder]

Buy Here Pay Here dealerships are like Rent - A - Center and other rent to own businesses. Their goal isn't the sell cars. Its to keep reselling them over and over and over again.

 

[Ethnic Vagina Finder]

fukk that shyt, if you ain't putting at least 50% of the car's cost right there, I wouldn't even bother.

And you can probably get a lower interest rate. One of the underlying factors that determine one's interest rate besides credit is the likely hood of someone walking away from the loan. Sure you can cop a 15k car with now money down and they will loan you the money. But you don't have much to lose other than the monthly payments. But if you put down 7 or 8k, they bank will see you're invested and the likely hood of you throwing away that much money and defaulting is less likely.

That's why credit doesn't really matter if you can come up with a big enough down payment. I had a credit score of 537 a few years ago and wanted to buy a car that was 13k. I was going to put down 9k and finance the rest to build my credit. I got offered a loan at 10.8% APR which is still high but if I would've put down 2 or 3k my APR would've been in the 20's but more than likely wouldn't have gotten offered nothing.

 

[dontreadthis]

OP went through that, so hopefully we ain't have to go through that.

 

[Klyk21]

Bad credit isn't always due to irresponsibility. Medical bills can mess up your credit. I knew people that as soon as they could get credit their parents signed up for credit cards in the kids name and messed up their credit.

This shyt SHOULD BE ILLEGAL! Well, technically it is but I'm talking about these parents/spouses potentially facing ID theft charges off the rip. So many kids out here catching L's at 2 and 4 years old like WTF! Not sure how widespread the problem is but i have friends who have had their parent use their name at a young age. Imo, kids SS numbers should be invalidated until they reach a certain age. Like 17, 18.

 

[Klyk21]

credit update....when i first got this...they wouldn't even work with me (see OP), now...I'm only 12 points away from the 700 club brehs

thanks to the breh who recommend the credit union. Signed up with them and took my certification on a 500 dollar loan. Rarely used it and now it's paid (been that way for a while now). Don't use credit much nowadays but it's good to know that if i get in a jam again, I'm good with interest rates and I have money saved up. 2012 was a rough year...2013 wasn't much better but shyt changed once I got that cert tho

 

[The Emperor]

Even the loan sharks are like

And its a 01 car

All jokes aside I had a homey who used to work at a used auto spot him and his cousin and they would sit up and laugh about the jacked up loans they'd give people for older low level cars...
I thought it was pretty messed up but they were loving it...

 

[winb83]

credit update....when i first got this...they wouldn't even work with me (see OP), now...I'm only 12 points away from the 700 club brehs

thanks to the breh who recommend the credit union. Signed up with them and took my certification on a 500 dollar loan. Rarely used it and now it's paid (been that way for a while now). Don't use credit much nowadays but it's good to know that if i get in a jam again, I'm good with interest rates and I have money saved up. 2012 was a rough year...2013 wasn't much better but shyt changed once I got that cert tho

Catch up. About 2 years ago I had a 583 score or at least that's what AAA put on my insurance. For some reason TransUnion is shafting me.

 

[The Nigerian]

All jokes aside I had a homey who used to work at a used auto spot him and his cousin and they would sit up and laugh about the jacked up loans they'd give people for older low level cars...
I thought it was pretty messed up but they were loving it...

People don't understand just how much money is made off the suffering of Black people.

Many Black people don't want to confront the reality that white people sit around and think about all the ways they can dikk us over.

 

[GetInTheTruck]

If I only had 3000 in the bank and really needed a car I'd cop a beater off of craigslist for like 1000. No way in hell am I stepping into a showroom or used car lot of any kind.