Overhaulin'

Car loan interest rate question?

OK i am 18 and i am planning on purchasing an 08 Civic si coupe. MSRP: 21,500 will i be able to get a car loan since i have hardly any credit at all. also what will my interest rate be. if it helps im planning on putting 8000 down and i make roughly 1,600 a month 10%...5%...WHAT?! people were telling me it would be 20% and up did you guys forget im 18 and NO CREDIT

Public Comments

1. the interest probably for you would be around 10%
2. 10%...hahaa... not even close. More like 5%. Talk to your bank and see what they'll do for you - then talk to the dealer. The dealer will beat your bank's rate by a point or thereabouts. The only way to find out is to go and apply. Cars are different than personal loans - they are their own collateral and there is a great market for used cars. By putting 8k down you won't be upside down - this makes a big difference to the lender.
3. Well there's no way you'll get 5%..that's just stupid. If you qualify you'll probably get in the 15% - 18% range I would guess. You don't really make enough money to get a $21000 loan, so that $8000 down is going to save you. I would ask your own bank or a local credit union what interest rate they could give you..don't just use what the dealership gives you. Good luck...the SI is a sweet car...I have an '08, and I love it.
4. That's a train wreck trying to happen. Take your money and buy a good used car, you will save not only the monthly car payment but also insurance costs because you can have liability instead of full coverage. Save the money you would have spent and buy a nicer car later for cash. Why get raped with interest and insurance charges? Walk before you run. Good luck
5. finance $17k at 9% for 60 months = $350 a month *
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