I posted a couple weeks ago regarding the purchase of new car.
I had intended to secure my own financing via a bank but despite my very good credit (upper 700s) banks don't seem to offer anything less than about 8% for their loans. I am a student right now, and can't work full time so my income is pretty low. This has been the case for the past year. By first quarter of next year I will be working full time, however. I pull in only about 1K a month after taxes, but I don't have any credit card debits or any real expenses each month. Does income negatively impact the APR one can get or is this a myth?
I can finance with the dealer, but as we all know this isn't exactly ideal for most people, me included. I will be putting 20% of the car's cost as my down payment (5K). I realize that some will say buying a new car isn't a wise thing to do, but I do not want to drive a used car after having many years of misery because of them. There are other reasons for my intent to buy new, but I'd just like to know what I'm realistically looking at APR wise.