I just refinanced my car :)

[FrustratedUser]

After suffering 8 months with 29% APR I now have 5.2% with DM federal Credit Union. Check them out!

My game paid off! It is tough to move to the US and have NO credit history.

 

[Mr.IncrediblyBored]

Holy crap 29%?! Congrats, what kinda car is it?

 

[stev0]

wow! nice work.

 

[NFS4]

29% WTF?????????? How the hell did you manage 29%?????????

 

[RossMAN]

Holy $#@! that's almost 6 TIMES LESS than you were paying before, whoa.

After making 14 payments on my new Accord I might re-fi with my credit union to lower my payments keeping the same rate of 4.9% and establishing a loan relationship with my CU.

 

[Mr.IncrediblyBored]

Originally posted by: NFS4
29% WTF?????????? How the hell did you manage 29%?????????

I think he slept with the finance manager's wife.

 

[NutBucket]

Originally posted by: KnightBreed

Originally posted by: NFS4
29% WTF?????????? How the hell did you manage 29%?????????

I think he slept with the finance manager's wife.

Guess she wasn't satisfied:Q

 

[vi edit]

Originally posted by: NutBucket

Originally posted by: KnightBreed

Originally posted by: NFS4
29% WTF?????????? How the hell did you manage 29%?????????

I think he slept with the finance manager's wife.

Guess she wasn't satisfied:|:Q

Or *too* satisfied and hubby got a little jealous

 

[Viper GTS]

I know several people who are paying 29% or thereabouts due to bad (or no) credit.

Absolute insanity, but 5.2% is quite reasonable.

Viper GTS

 

[GasX]

Isn't 29% usury?

 

[NutBucket]

Originally posted by: Mwilding
Isn't 29% usury?

same difference

 

[Ameesh]

fvck at 29% i would have ridden the bus

 

[phatcow]

OMG


a 20000 loan @ 29 percent =
Rate Monthly Payment Total of Payments
29.00 % $634.84 $38,090.24

a 20000 loan @ 6 percent =
6.00 % $386.66 $23,199.36





what the hell!!!!

 

[Jzero]

I think even the mafia fellas in South Philly give better rates than 29%!

 

[FrustratedUser]

Originally posted by: Jzero
I think even the mafia fellas in South Philly give better rates than 29%!

Well guys.
It is tough to move to this great country. No credit history = you're fsked for 6 to 9 months.
Fotunately my loan was only for $4700 so my gameplan was to suffer for 6+ months to establish any kind of credit history and it payed off.
Taking the bus in this town was really no option and buying a POS $1000 car wouldn't do me any good in the credit department.
The car is a 1997 Olds Eigthy Eigth with (now) 116000 miles.
And yes, the mafia fellas would probably give me a better deal but that credit would not count in the long run.

So the bottom line is this:
If you plan on moving to the US, you should now that NOBODY, not even JCPenney or Best Buy, will give you a credit until you have a credit history (catch 22). I had to have a cosigner for the 29% loan. Fortunately he's a good friend and knew I was going to pay on time.

Sometimes it's worth it to get raped in the brown eye, but it hurts.

 

[phatcow]

with a cosigner, shouldnt you piggy back off HIS credit?


when i was 18, i got a 20000 loan for my car, cosigned under my father, and got a decent rate

 

[StageLeft]

Where were you from before...?

I moved to the US last July of 2001 and had the same thing. At first couldn't get ANYTHInG. I was allowed to get a loan on a new cavalier (who wants that) because they were a huge place and had in-house financing and the interest rate was only like 11-15% (only hehe), but other than that I couldn't get anything at all. Thankfully I got a credit card with MBNA - they could check my Canadian credit history and they immediately gave me a card. In one year I've gone from no US credit to a 700+ score and hopefully it will set me up when it's time to get a car later this fall.

What you did I was strongly considering but thankfully that card came in the mail to give me a history. Alternatively to finding a credit provider who can check foreign history (anything more than Canadian may be a problem...not sure) you can co-sign (like you did) or find a place that will sell you a new domestic car at a bad interest rate which a lot of them will surprisingly do...but I know lots of friends who were happy to even get a department store card...thing with creidt history is once you get started it can grow very quickly.

 

[FrustratedUser]

Originally posted by: Skoorb
Where were you from before...?

I moved to the US last July of 2001 and had the same thing. At first couldn't get ANYTHInG. I was allowed to get a loan on a new cavalier (who wants that) because they were a huge place and had in-house financing and the interest rate was only like 11-15% (only hehe), but other than that I couldn't get anything at all. Thankfully I got a credit card with MBNA - they could check my Canadian credit history and they immediately gave me a card. In one year I've gone from no US credit to a 700+ score and hopefully it will set me up when it's time to get a car later this fall.

What you did I was strongly considering but thankfully that card came in the mail to give me a history. Alternatively to finding a credit provider who can check foreign history (anything more than Canadian may be a problem...not sure) you can co-sign (like you did) or find a place that will sell you a new domestic car at a bad interest rate which a lot of them will surprisingly do...but I know lots of friends who were happy to even get a department store card...thing with creidt history is once you get started it can grow very quickly.

I moved from Sweden in January this year.
It's all a game. Once you're in --- you're all set. Same goes for insurance. Get raped a few months and then harvest the fruits of eden.
It's funny really. I make money, and still nobody gives me any credit because I'm high risk. On the other hand, a poor student with no income can get a credit. LOL!

Anyhow, It's all good now!

 

[AdamK47]

Credit history has a lot to do with car loan interest rate. My sister learned that the hard way, but it was nowhere near 29%.