That guy at the car dealership who tried to sell me a loan as a deal

I was at a Honda dealer last month, just looking at a used Civic. The finance guy pulls me aside and says 'You can get this for only $450 a month for 84 months, that's a steal'. I told him I was paying cash. He literally said 'But you'll miss out on building credit with us'. I just walked out. Has anyone else had a salesperson try to push a bad loan on you like it's a favor?

2 comments

2 Comments

lily_schmidt537d ago

Oh man, that's trashy for sure but I gotta say 84 months on a used Civic is way worse than just a bad deal, that loan would outlast the car's warranty by like 3 years. They count on people not doing the math on how much interest piles up over 7 years on a depreciating car. Didn't you ask him what the actual interest rate was before walking?

ninah107d ago

@lily_schmidt53 you're dead on about the interest... I had a guy come to me once bragging about his 72 month loan on a five year old truck and when I did the math his rate was like 11 percent. Over seven years that's basically buying the car twice if you factor in what it's worth at the end. Better off buying something you can pay off in three years and just dealing with a beater for a bit.