Sunday, August 7, 2011

Is this a good deal in my situation?

Im only 19. I have little or practically no credit. I went through my credit union to apply for an auto loan. They pre-approved me for 15,000 including my 2,000 down with 16.15% APR with my payments being 370 a month for 60 months. Is that normal for someone with little credit? Basically at the end of this loan I will be paying 22,000, which is 7000 more than what the car itself is. I already have my mom as a co-signer but she doesnt have that great of credit either so I just want to know if this is way way to high? Or is this okay for a first time buyer with no credit? I can handle the payments, I just want to know if anyone has been threw this before or if this seems right? Thanks.

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