Alright, I made a post here about a week ago asking about the LIM/UIM because I planned on buying 1 of 2 Bonneville SSEi'*. I've been looking through almost every topic on this forum since to find out all the positives and negatives about 2000+ Bonnevilles.

I finally got approved for financing through Capitol One auto finance. Heres my question, is 12.9% a decent rate for somebody with a credit score of 652 and a debt load of higher than 50%? The car lot that I'm dealing through says that they have a bank that he assures me will approve me at a lower rate than I've already been approved for at Capitol One despite him only knowing my score and that my debt load is fairly high. He'* a small car-lot owner. Should I let him do an inquiry?

The Bonneville I'm looking at is the black 2000 SSEi with 48,000 miles that I mentioned in my first post a few days ago. $8,995 asking price. Decked out with all options including HUD, heated seats and moonroof (all working). No 12 disc changer though :( No steering noise. No shimmy at highway speed. Some brake pulsation (rotors). No missing coolant. All 4 windows go up and down no-problem. 8.5 out of 10 overall condition. Oil Pressure gauge stuck. Tires 25-35% tread left on all 4. 1 fog light blown out. Misc. Brake lights blown out. Misc. scratches (can be buffed out) and 1 small ding in the right qtr panel. CarFax came back clean, only 1 owner and consistent mileage throughout ownership. Car was originally from Indiana until January though (?) Hoping to negotiate the asking price to around $8,500 including all applicable taxes. Does the car sound like a decent deal?? I'm over here sweating bullets because I wont have a warranty and the car is already like 7 years old. Should I jump on it?

ummm i was 20 yrs old when i bought my 00 ssei.... my APR is only 8.5% with virtually zero credit

price sound about a grand or two high considering the problems mentioned

wow that is really low miles. The price seems about right...

As far as your financing question i pay cash for my cars only, if I dont have the money in my hand I dont buy it..get a beater until you have cash to pay for it.

I have a credit score of 475 and I have a 21% interest rate on my Ei. So really, your interest rate isnt bad considering you have over 50% debt as it is.

you all are goinng to hate me I got a 725 credit rating and when i got this car I had 6% rate but i am like hans I only usually buy cars when i have cash in hand

I have a beater now (96 Monte Carlo with 170,000 miles and almost dead) and had a beater before that (93 Bonneville SE with like 215,000 miles before it kicked). I just want something a little newer and more dependable but still kinda cool looking. Im in my last year of college so money is still a little too tight to pay cash for a newer car. What little money I get for my Monte wont buy me much of anything except gas to put in whatever car I buy

Good gosh I didn't even know they made car loans with that high of interest! 12.9% is NUTS, and 21%...oh my gosh! My first car loan ever when I was 18 and had no credit whatsoever was 9%. I'm now 22 with a score over 760 and my rate is 5.9% on my Bonneville, which I only financed 50% of the purchase price over 2 years, I paid the other half in cash.

I think you could shop around a bit and get a slightly better rate. Although, I know its easier to negotiate a lower rate with NO credit history than a POOR credit history.

If there are any NEW banks in town, they are generally more willing to take on riskiers customers to build a customer base. Also, dont rule out credit unions. There are also more willing to take on riskier customers at possibly lower rates.

I dont think I'd settle for 12.9%. Another good idea is to try to come up with a larger down payment. Even increasing your amount down by $500 will help.

If you haven't negotiated on price yet, do so now. Ask for double what it will cost you to repair the items not working, then wiggle to the middle from there.

If he has better financing, have him run it. Be warned that too many credit inquiries can actually lower your score. One extra inquiry might not hurt, so if he wants to run it through 3 or 4 finance options, ask him to pick the 2 he feels best about.

Generally speaking, a 652 beacon should land you a single-digit interest rate, probably somewhere north of 8% and south of 10%. Someone is making a couple of points off of you at 12.9, in my opinion. I don't know the laws of your state, but in Texas, the finance person can bump you up from the "buy rate" (the lowest the bank said they'd go), and put 2-3 points on top, and see if you'll go for it. The finance person giving you the loan makes money on those extra points of interest if you sign at a higher rate. Other places, like credit unions, may have a set rate for any given credit score, without building in some extra profit. Just like the price of the car, an interest rate is a negotiable thing depending on the style of lending you're getting.

Given your credit score and the amount financed, you should be paying 9% to 10% (depending on length of loan). I agree you should find better financing.

P.*., that car, as described, is worth maybe $6,500 on a good day.