help with bad credit financing – confused by dealership quote

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This topic contains 1 reply, has 2 voices, and was last updated by Stuart Masson Stuart Masson 6 months, 3 weeks ago.

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  • #111725 Reply

    beholdtasha

    Hi –

    I am new here and need some help please. I go back to the dealership this evening. I want to buy a Honda Civix LX or EX but the dealership says I don’t qualify for a Honda Civic. I only qualify for $17K through the bank for a used car… but they can get me in a 2017 Honda Fit LX.

    This quote seems way off to me.

    Credit score 574 experian.
    2017 honda fit lx sales price: $16,767 ( The dealer claims he is taking a $534 loss)
    Interest rate: 18.99%
    Down payment: 1K
    Payments: $471 per month w/gap. -$8 without gap.
    Term: 72 month
    State taxes: 6%

    These numbers don’t add up to me. Why would my payment be so high, even with subprime credit? Something just does not seem right.

    They have used vehicle for less than 13K that I was looking at and think one of those will be a better deal. Please let me know your opinions. I should probably work on my credit and wait.

    They are really trying to push me into this Honda Fit, instead of one of the used cars like the Accord or Civic.

  • #111997 Reply
    Stuart Masson
    Stuart Masson
    Keymaster

    This is a UK site and you appear to be in the USA, so any information on this site will not necessarily apply to your situation.

    However, remember that a car dealer will always push you towards the car THEY want you to buy because it suits THEM.

    19% interest is very high, but I’m not up to speed with what is generally being offered in the US finance marketplace.

    Also, 72 months (six years) is a very long period of time for car finance – your circumstances could change dramatically at any point during that time and you would be committing yourself to this agreement until 2023.

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