Overhaulin' - Do you know if there is such a thing as 20% car loan interest rates?

Do you know if there is such a thing as 20% car loan interest rates?

I have a credit score of around 620 and can't get financed for a 2006 car and they told me the only way to get a loan was to pay 20% interest. I couldn't believe it could get that high.

Public Comments

With the way the economy is that doesn't surprise me. The banks are really being stingy at loaning their money these days.
Interest works like this: the lower your credit score, the higher your interest rate will be. There is interest rates that high, yes. They do this to encourage people to pay on time, and not overextend themselves. Better to save your money and pay in full for the car... no interest at all then. Attempt to improve your credit score by paying off any credit card debt first.
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