Hello, I need to purchase a new car by the end of May as mine currently is a bomb waiting to go off. Im looking at cars around the $17,000 range. By the time I hopefully purchase the car (current car doesn't kill itself to soon) I will have about $14,000 in the bank. I did some pre-qualifying shopping and Im getting like 17% APR loans, which I know aint great lol. I cant put more than a $13,000 down payment from the looks of it on one pre-qualify I did.
Anyways, is the APR really that bad if I can pay this off within the year? I know alot of you are gonna say "Just wait to you can pay in full.... Loans bad.... yada yada". While I agree, I need the new car, my current Transmisson wont shift once it gets hot outside, many of you with a automatic Ford Focus will understand.
original posted by Abject-Tiger-1255 to r/personalfinance on Mon, 08 Apr 2024 15:30:48 GMT.