I went down to the mitsu dealer last night to buy the car. The deal was 26,990 with c/f spoiler. I had my mom to co-sign for me and since I am a first time buyer, My interest is really high. basically, im paying about 500 for 72 months with an 11% interest rate. Now, I want to do it because Its an evo, and I can build my credit. Im kind of hesitant because thats 72 months and the interest is really high. Please, anyone give me some advise ASAP. I need a car. If i dont get this one, Im going to get a 240 and drop an sr20det in it.

 

go with the evo as long as u got a job and dont waste your money it shouldnt be that bad.

 

11%?? Holy crap!!

Good price on the car but I dunno man, you may be better off shopping around for financing on your (with parents) own. Do they belong to a credit union perhaps? Or even try capital one auto loans online, they have very fair rates.

Hell, I have a stinkin bankrupcy on my record and never paid more than 9.8 and that was in like 2000 when rates were higher. Rates are dirt cheap right now. Plus don't forget the dealer will be VERY motivated to move his 03 Evo's off the lot very soon.

I say check around!

 

26,990 with c/f spoiler is a good deal. 11% interest is very high though. my lancer, I got at 2.8% .. which is pretty nice, but evo is 10k more than that. Good deal on the car, not soo great on the interest IMO.

I'd see if you can save a few thousand and put some cash down and try to get the interest rate dropped but that seems pretty reasonable for the overall price, that is until they tach on reg., license, plates etc ... and remember it may have tax??

 

11%? if your doing it through Mitsubishi Motors Credit of America (MMCA) you can haggle it down, that's their own financing division. They can work around that.

 

$26,900 is a good deal. Forget about the interest rate, build your credit for a year than refinance.

 

try www.peoplefirst.com

 

Do not do it.
Shop the rate.
Finance charge on this would be around $ 9800.
Think of it as paying $ 32000 for a car with avrage interest rate of around 5%.
Is that a good deal?
He can tell you $22000 for a car and put 19.9% interest= same thing
Time is on your side.
ask questions or e-mail me

 

i just got mine this week... also had to get my mom to co-sign with me because of my credit history. if it was just her on the credit app, it would have been around 3%, but with me also on it it jumped to 5% (dont remember exact #)... i have some crazy payments though. but thats what i get for only putting $1000 down hehe but im stoked to be building my credit back!!

 

11% no way man you can probably get it better than that, thats almost 3 times the normal rate..

 

My mom and i just went to a credit union. Hopefully they can give me a better interest rate. Im going to know by saturday if im going to get the car.

 

good luck man, hope it works out for ya, where are ya from??

 

It's quite possible that he will only sell you the car at that price if you go with their financing. Did you discuss this with the salesman?

 

when i bough my galant ls for 26000 and 3000 down i got a 5.8% interest rate due to my mom's credit score. The way it was told to me is you should get the rate your mom should have gotten. can anybody else confirm this? oh and my credit sucks!!!

p.s. payment is 503 for 60 months

 

Yes i did discuss that. At first, they were saying that if i walked away that night, I wouldnt get the same deal if i were to come back later. They were trying to make me feel bad for not buying it, saying that they worked hard to get me the deal. They called me the next day saying that they still could not do anything about the interest, but they will throw in shift knob, pedals, and floormats. They also told me to look into some credit unions, and that the offer is still on the table