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how much is intrest normaly

I was looking over the paper work on my car i bought in feb. the price of the car was 8900 i looked at what the total price after the interest and it was 12500! i guess i didnt notice this when i bought the car because i was just excited to get a new car but is this normal? for it to be that much

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Asked by robinalbright at 2:13 AM on May. 5, 2010 in Money & Work

Level 2 (13 Credits)
Answers (4)
  • When we got our car, our interest rate was 8.6%. This was very high because the main loan was giving to my DH at age 18 and so his credit was zip. If it had been in his fathers name and had my DH cosign, it would have been 6% or something like that.. .they looked it up.
    We paid ours off early so that we didn't have to worry about paying too much. Just paid it off with income tax. I suggest you do that too.

    Answer by Anonymous at 2:22 AM on May. 5, 2010

  • yup.

    Answer by IraqiVetWife at 6:13 AM on May. 5, 2010

  • When we got our car last year, we were told interest rates for cars where higher in the past because the number of people defaulting on loans has gone up. Houses can be foreclosed on, but poeple can take their cars and hide them somewhere so they avoid being reposed.

    Answer by HotMama330 at 11:50 AM on May. 5, 2010

  • It's interest rate, and the fact that your car- especially new cars- are depreciating in value. But yeah, you pay a lot of money in interest on something that is going down in value....

    Maybe it's time to visit to get out of the debt cycle.

    Answer by Anonymous at 3:33 PM on May. 5, 2010

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