Hey Reddit! I am a first time car buyer so please be easy on me if the answer is totally obvious.
I am 20 years old and make roughly $4.5k per month, have one line of credit open, and a credit score of 765. I went through a family friend who is a car salesman (we'll call him Josh) to buy a used 2015 Nissan Altima. The listed price was $14,494. In order to get the best interest rate, Josh sent my application to several banks. I told him I wanted to put $2,000 down and have my monthly payments not exceed $250. The credit union that ended up approving me for a loan approved me for a 3.99% interest rate, however Josh altered a couple things on the application. He put my down payment down as $3,000, and the price of the car as $15,972 (which also included an extended warranty on the car). The day I bought the car, I still only put $2,000 down,. The credit union that accepted my application approved me for the 3.99% interest rate, making my monthly payments exactly $249. My confusion is how the altered amount for the down payment/car price on the application might affect me. My loan balance is $15,972.93 with my first payment due in July. Did something happen under my nose that added another $1,500 onto the price of the car or am I just overthinking it? Thanks in advance for any help!
Submitted June 11, 2018 at 06:42PM by kevinelrey https://ift.tt/2l1kSYu
