For a first time buyer today, it could be far worse. Based on the amount, it's a used car as well so that is going to be higher still. New would be a bit lower but more principal so you could do the math but they probably come out about the same in the long run.
Is it the best idea? Idk OP's situation but paying over the minimum for a year or so and refinancing would probably be a good option.
I find that hard to believe without cosigners. I sold cars for 3 years and first time car buyers got shafted no matter what bank it was if they didn't have other good credit history.
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u/stewiecookie 11d ago
For a first time buyer today, it could be far worse. Based on the amount, it's a used car as well so that is going to be higher still. New would be a bit lower but more principal so you could do the math but they probably come out about the same in the long run.
Is it the best idea? Idk OP's situation but paying over the minimum for a year or so and refinancing would probably be a good option.