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Honda Civic Financing
I almost bought a car today the price seemed reasonable at $18,259.50 final out the door price for a 2007 Civic 4 dr Sedan LX making it $16,645 before taxes & all the paper work..
but then they stuck me with a monthly payment of $269 at an 18.95 % interest rate!? They said this was out of their hands because I'm a first time buyer and this rate is determined by the bank. I'd think given I'm willing to put $8259.50 down so I only have to borrow $10,000 would help in some way?
Is this legit? I went to a another dealer prior to them and they were willing to give me the 4.9% rate for 60 months after checking my credit but they priced the car outrageously high!
I've only had a credit card since Dec 2006..honestly I never saw any use for them I always pay cash for everything and only got it to build a credit history. But I have been successfully paying student loans for several years and any other expenses always on time so I know everything is in good standing.
I'm gonna try and see what kind of interest rates my bank offers.. does anyone have any other suggestions? Where to get the best loans/with low interest rates? And also how I can build up my credit faster?
Also if what the dealer's saying is true... how does refinancing a loan work..he was saying I could do that after 6 months? What does it involve?