OP- Not trying to be insult but give you insite.

I sold cars for a long time and recently got out of the business due to the economy. ITS NOT YOU, ITS NOT THE DEALER, ITS THE BANKS. Due to the economy, 600 beacons are getting bought like 500's. I sold a car to a women with a 683 and she got a 19% interest rate and was deemed 'special finance'.

The banks are buying deals right now man, and a 600 is no longer considered excellent credit, thats just average.

Which is why you got offered an average interest rate.

My score is near yours, and I pay 12-14 % interest on Credit cards, etc. Its the banks right now.

Just keep that in mind, 14% for a 600 beacon isnt really all that bad.

 

I also worked in the car business as a salesman for 7 years. (5 of which was a Honda, if that matters). I've been out for a few years now. I agree with all the points made above. He's just trying to help you by explaining what the sad reality is.

That said, consider this. If you are only financing 5 grand, then the difference of a few points doesn't matter that much.

If you finance 5000 for 48 months, at 10%, the payment is 126.81. If you finance the same amount at 14%, the payment is 136.63. So ask yourself, if you really want this specific car, is it worth $10/month? (or less than 500 for the entire term of the loan) How much were you willing to pay for a turbocharger if you bought a car without one? I'm sure it would be more than that.

(heck - with the recent drop in gas, that changed my gas expenditures by $50/month)

And as it's been pointed out before, nothing is stopping you from refinancing the loan at a later date with terms that are more favorable.

My point? It's unusual to find a modified RX-8 on a dealer lot that is actually in good condition. Usually if they are modified, they've been beaten like a redheaded step child. If you're comfortable with the condition of the car, suck it up, pay their fee (the higher rate) and get the car. From there, the car is yours and you can "fix" the loan later. Worst case scenario, if you keep the loan, and you pay it off, it will help to raise your credit score for the next time around.

Good luck!

 

One more thing I would do if you still REALLY want the car. Use the 14% as leverage to drive the price down. The dealership wants you to buy the car. As long as they make some money they are happy. Let them know the extra percentage of the loan will cost you X amount of money over the course of the loan. However do NOT let them get you into a conversation about what payment you can afford. So do NOT mention how much extra it will cost you per month. Ultimately you care about the actual dollar amount being financed. You will be surprised with all the stupid car math that gets thrown at you to make it fit your monthly payment.

 

They already sold the car. Nothing I can do now.

 

I'm contemplating buying a tin can again(92-95 honda hatch shell) for 1500-2000 bucks and buying a integra type r motor. I already have a brand new A/C compressor and parts sitting in my room boxed up.

I would be back in the sac by the end of the week and with no payments.

I finally got into contact like I said with the collection agency from 8 years ago and had them fax over proof that I paid off best buy more than 8 years ago and can clear my credit hopefully. I even tried to get a loan yesterday through my agent state farm in an effort for a lower interest rate but the same credit check came back where I owed best buy/HSBC bank 1500 dollers which is not true.

I'm even rolling the idea around of buying a 240SX and buying an srdet20 motor but I don't want the headaches of not knowing crap about nissans. I found a 2005 RX8 with 27,000 miles in mint condition for 13,500 but it's automatic...

The battle for my next car continues on. I will not be submissive to getting something I don't want for having a cars sake. I refuse!

 

with a rx8 and a civic its all about the driver....and im pretty sure we were talking about interior not speed.....if any of us really cared about a fast straight line car none of us would have bought the rx8 or a si for that matter....unless u have plans to turbo the renesis.

6000 im sure has test driven a rx8 and enjoys how it drives and feels. it also looks like hes willing to do the forced induction route.

so leading back to wat all rx8 owners already know the rx8 is a drivers car. and i wouldnt trade mine for my friends modded civic si any day

 

6000 just call watever credit company that HSBC thing is on whether it be experian or watever....u can fight it and they will look into it and clear it.


its up to you but i would rather have rx8, s2000 or a z to drive mostly everyday rather than the 92 civic wit type r engine.......bigger comfort level with performance....unless u just want a track car then i guess get the civic

 

With what youre looking to acomplish, dont buy an auto. FI on the auto will give you as much power as a stock Manual RX8.

Have you considered an RX7 FC possibly?

 

If I go that far back I would want to replace the whole engine. Buying something like that is like buying an 89 Honda CRX. You just don't do it unless you got a garage, time, money, and advil.

 

I'm an Excedrin fan, personally

 

You'd need advil with my RX8