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Old 11-15-2013, 08:50 PM   #441
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Even if your trade was only worth 25 a bank would probably work with you. Loan you 16k on a high interest rate with collateral already worth more than the principal? Easy money for them.
My bank told me 12% and I nearly shat bricks. No way I'm paying 12% on a $10k loan.
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Old 11-15-2013, 08:54 PM   #442
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My bank told me 12% and I nearly shat bricks. No way I'm paying 12% on a $10k loan.
The point is how are you ever going to get a rate better than 12% if you don't improve your credit?
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Old 11-15-2013, 09:01 PM   #443
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The point is how are you ever going to get a rate better than 12% if you don't improve your credit?
I haven't had a line of credit for very long, so my rate isn't as good as I'd like it to be. Hopefully if I stay out of debt and pay my bills I'll be able to get rates lower than 12%. It just takes time.
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Old 11-15-2013, 09:05 PM   #444
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I haven't had a line of credit for very long, so my rate isn't as good as I'd like it to be. Hopefully if I stay out of debt and pay my bills I'll be able to get rates lower than 12%. It just takes time.
I would honestly suggest you talk to a credit counselor, just to learn the ins and outs of what affects your credit score and thus interest rates. I didn't see a credit counselor until I was 25, and even though I had good credit I learned a lot. I wish I had gone when I was 18 and took my first auto loan.
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