Auto loan with 48% interest rate?

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michael123

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I am 23, have a 730 credit score, make $73,000 a year, have no debt or loans to payback, but have a credit history of 4 months. I am looking at $8000 loan on top of $2000 down payment for a car. The dealer contacted 15 banks and only bank that would accept my quote is:

$392/month
42 months

Using this interest calculator:
http://www.northeastmotorco.com/loancalculator.aspx

My interest rate would be 48%. Is this right? I can not believe this.
He told me it was because my credit history was too short. I also tried getting a loan through Bank of America and was denied. I have a checking, saving, and 2 credit cards with B of A as well.


Are there any other options you recommend, or do i just need to pay all of it in cash to not get a high interest rate like this one?
 
Wrong...very very very wrong. The dealer will tell you what the rate is. However I find it VERY hard to believe you have a 730 and were denied by 14 banks. You have no idea what you're doing, and that's begging to be ripped off.
 
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