tried financing a car at carmax. 17 percent apr? the heck?

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 7 years ago '06        #1
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991 26 heat pts26
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tried financing a car at carmax. 17 percent apr? the heck?
 

 
so i went to carmax lookin to finance a car. this would be the 2nd car under my name. my first one i been payin 5 and half years always on time. so i go in there lookin at a car about 8k. they said id have to pay 6 years at 250 a month. the apr was 17 pct. the car has like 70k miles on it. my credit scores are between like 634 and 642. i just checked last week. so why the heck are they trying to charge me 17 pcnt? is this just some carmax trash?

tips and info welcome.


Last edited by 991; 07-18-2011 at 04:04 PM..

35 comments for "tried financing a car at carmax. 17 percent apr? the heck?"

 7 years ago '10        #2
bernadoobie 
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Go to a credit union. I got 5% at mine.
 7 years ago '06        #3
991 26 heat pts26 OP
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 bernadoobie said:
Go to a credit union. I got 5% at mine.
u think they would give me a loan for 10k based on my credit score?
 7 years ago '04        #4
JayR04 116 heat pts116
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tell them you got pre-qualified for 5% at your bank and ask if they can match or beat it. the rate is prolly inflated so they can make extra money.
 7 years ago '04        #5
WhoThaFuk 2 heat pts
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Car Max!? Rip off..They specialize in dealing with people with Bad Credit..
 7 years ago '05        #6
kodak314 2 heat pts
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 991 said:
so i went to carmax lookin to finance a car. this would be the 2nd car under my name. my first one i been payin 5 and half years always on time. so i go in there lookin at a car about 8k. they said id have to pay 6 years at 250 a month. the apr was 17 pct. the car has like 70k miles on it. my credit scores are between like 634 and 642. i just checked last week. so why the heck are they trying to charge me 17 pcnt? is this just some carmax trash?

tips and info welcome.
that doesnt sound rite at all. not only the apr but monthly rate.

def go to a credit union. you might be able to get a 10k loan, but it also depends on your debt to income ratio
 7 years ago '06        #7
991 26 heat pts26 OP
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 kodak314 said:
that doesnt sound rite at all. not only the apr but monthly rate.

def go to a credit union. you might be able to get a 10k loan, but it also depends on your debt to income ratio
Well I'm not in any debt whatsoever except for my 3 car payments left. My income sucks I can't lie but I work fulltime. I better not go back then huh? Mad I wasted my time and let them run a credit check on me. I was like 17 percenttt???? The guy is like that's good considering how new the car is. 04? Crap is old. And on my fiirst vehicle I paid 9 pcnt brand freaking new.
 7 years ago '06        #8
~SHYNE~ 24 heat pts24
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Carmax=overpriced car lots.

I would not purchase a car from Carmax.They are always 2-3K more expensive and have that BS no haggle prices.Take your business someplace else,your credit score are average to better than average,you shouldnt be paying higher than the market rate which usually hovers around 8.9%,so you should be under that,my guess is about 6-7% thru a dealership,credit union might get you to 3-5%.

It only takes $5 to get an account started at a credit union,apply for the pre-approval loan for a car right after you start the account.See what rate they come back with,find the car you want and hit Autotrader and find the car you want,then hit the dealer,stay away from private sales,Drivetime and Carmax and your golden,stick to big dealers as they will let the used inventory go cheaper than the smaller lots...

Good luck.


Last edited by ~SHYNE~; 07-18-2011 at 07:10 PM..
 7 years ago '05        #9
kodak314 2 heat pts
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 991 said:
Well I'm not in any debt whatsoever except for my 3 car payments left. My income sucks I can't lie but I work fulltime. I better not go back then huh? Mad I wasted my time and let them run a credit check on me. I was like 17 percenttt???? The guy is like that's good considering how new the car is. 04? Crap is old. And on my fiirst vehicle I paid 9 pcnt brand freaking new.
def wouldnt go back.
9% is high as well for a new car but dont know what your credit was looking like then

 ~SHYNE~ said:
Carmax=overpriced car lots.

I would not purchase a car from Carmax.They are always 2-3K more expensive and have that BS no haggle prices.Take your business someplace else,your credit score are average to better than average,you shouldnt be paying higher than the market rate which usually hovers around 8.9%,so you should be under that,my guess is about 6-7% thru a dealership,credit union might get you to 3-5%.

It only takes $5 to get an account started at a credit union,apply for the pre-approval loan for a car right after you start the account.See what rate they come back with,find the car you want and hit Autotrader and find the car you want,then hit the dealer,stay away from private sales,Drivetime and Carmax and your golden,stick to big dealers as they will let the used inventory go cheaper than the smaller lots...

Good luck.
this...
 7 years ago '04        #10
DJ Maximum|M 51 heat pts51
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carmax is a joke 17 percent is high as hell

no better than a buy here pay here there cars are overpriced as hell as well with alot of miles on them
they just sell them high cuz they have a ase mechanic look @ them before selling it smh
 7 years ago '05        #11
NomiS 2 heat pts
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finance thru ur local credit union ... 7.25 playa
 07-19-2011, 09:58 AM         #12
KrayzieCMB 
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That doesn't sound right at all. I just financed a new Grand Caravan for a buddy of mine at 9% and he has p!ss poor credit and collections after him.
 7 years ago '04        #13
daboss 
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why are you trying to do 6 years on a used car
 7 years ago '06        #14
991 26 heat pts26 OP
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 daboss said:
why are you trying to do 6 years on a used car
Im not
 7 years ago '06        #15
Panasonic 85 heat pts85
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 Blood Edge said:

[pic - click to view]



u may not be smart, but at least u can play sf4 well
thats a big wtf
 7 years ago '08        #16
CarmeloStarks 95 heat pts95
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 Gater said:
I bought my impala threw carmax. 21% Apr :nasmad: I have no credit though

[pic - click to view]

 7 years ago '06        #17
991 26 heat pts26 OP
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 kodak314 said:
def wouldnt go back.
9% is high as well for a new car but dont know what your credit was looking like then



this...
Yea I didn't have any credit. I was 18 at the time
 07-20-2011, 12:17 PM         #18
KrayzieCMB 
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 Gater said:
I bought my impala threw carmax. 21% Apr :nasmad: I have no credit though
I financed a guy a few months ago at 29.9% on a 2006 Grand Caravan. Sometimes you don't really have an option if you want a vehicle.
 7 years ago '06        #19
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 Krayziecmb said:
I financed a guy a few months ago at 29.9% on a 2006 Grand Caravan. Sometimes you don't really have an option if you want a vehicle.
That's robbing people. But just a question, are u able to lower the apr to someone or does that type of request have to go through ur boss?
 7 years ago '04        #20
WhoThaFuk 2 heat pts
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 Krayziecmb said:
I financed a guy a few months ago at 29.9% on a 2006 Grand Caravan. Sometimes you don't really have an option if you want a vehicle.
At that point, I would say I don't need a fu*king car and build credit in some other fashion. The fringe economy is a bi*ch! Dude will end up paying double on his loan and probably triple what the car is actually worth! I would stick it out for 3 years paying myself $300 a month and just buy whatever car outright. Patience is key.
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