insane interest rate

My friend flew down to Florida yesterday to pick up a car that he purchased from ebay motors. (03 toyota carolla) Hes had some issues with bad credit, and because of that had trouble securing financing for a vehicle. He used some website to get the money for the car where the lenders bid on your loan. Well, he was pretty well shafted because he recieved a 48 month loan with an interest rate of 20%, thats not a type-o. I tried to talk him out of it, but he wouldnt listen. Anyone else hear of a car loan having a 20% interest rate?

thats because of his credit ... if he had better credit then he would have a better rate ... plus is a way that the companys can gouge you ... just tell him to take every cent to pay off that car as fast as he can ... then he wont have to pay so much in intrest ... the first paymnts that he makes is mostly for the intrest.... but yea that is unreal intrest rate... on one of my cars that i bought i had 7.5%

I know someone who's car loan is at 17% interest.

I had a 21% interest rate on my first car purchase at FT Campbell, KY many moons ago. It happens, it bites, but there is hope. I now qualify for 0% on new cars. PM me if you want a good credit-building strategy.

My car is 7.5%, only because my best friend's mom is the VP of a bank and I got my loan from her.

Every other place couldn't beat that, and they admitted it. The rest wanted to do anywhere from 9 to 15.

I have a 9% interest rate. Its my first loan, but my dad co-signed it for me. I've never had any credit problems. I always make my car payment early and frequently double pay and I always pay my credit card off in full at the end of the month.

I had 18% interest in in 2003 when I had bad credit but my credit is good now and my rate is 7% and Im only 23. So he really did not get shafted as much, nowadays you have to have good credit to get great deals and savings.

My buddy owns a POS green ugly Ford Ranger mid 90s and was paying in the mid to high 20s in interest. It was nuts.

Yeah, I had 22.9% interest when I got the GTP in 2002. My payments were about $430. After a year of paying on time, I refinanced and got 10% and dropped my payment to $363.00... Now I made my last payment last week -- She's all mine.......

Nice, I thought that would of been a bigger drop in payment with that interest rate, but now you ain't got one so whatever right!

I paid cash for my car! Tee-hee!

I paid cash for my first car. I decided that I would rather have a nicer car with a warranty and have a monthly payment, than to continually have to repair the monte carlo I had at the time.

Trans was goin, leaked oil, rough idle, brakes were crap even after having 3 shops and my neighbor take a look at them.

the bank tried sticking me with 10%...but then my boss co-signed with me and made an $8,000 cd infestment with my bank and they dropped it to 7%...i love my boss...

Thats what I was about to say. Thats why you save up till you have the money to buy it, then you don't have to worry about interest and whatnot.

I'm 20 and mine is 4.9%....GMAC

I paid cash for my 98' GP then trade it in to get my 05' and got 8% so I'm paying around $270 a month