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Is 27% APR on an 84-month loan a normal rate?
"I've been shopping around for car loans, but due to my bad credit, it's slim pickings.
After numerous denials, I found a lender that will give me 27% APR on an 84-month loan.
Is this a good or normal rate?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“This is probably as close to loansharking and your state’s usury laws as you’ll find. So no, it’s a terrible rate.
In fact, it’s a red flag that you shouldn’t be buying the car at all. Not only are you getting a loan that’s far too long, but you’re also paying the highest interest rate possible.
Pay cash for a car, pay off old debt, and get your credit in order before you buy another car. If you buy this one, you’re sending yourself one step further toward financial stress, credit problems, and even bankruptcy.”
View full answer
- Gregory R.
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