I originally got a car loan through WF for a high interest rate, and 2 years later traded it off. The amount owing and the worth of the car resulted in me owing about $7000 more on the trade-in. I am currently paying over 19, 000 for a car worth only 12, 000 (maybe), I have never missed a payment. I applied for a loan recently and expected an interest rate of about 19%, however I made the mistake of not asking what the interest rate was, just being glad I was approved. I traveled 2.5 hours and upon signing the papers I noticed I was paying 39.5 % interest. The lowest term they could offer was for 48 months which on a 3500.00 loan addes up to 3515.15 in interest over the course of the term. So a 3500 loan costs you 7, 015.15, Buyer Beware! this is a mountain of debt. in the end. I did sign but I will paying this out as soon as possible.
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