04-06-2008, 10:44 AM
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Super Moderator
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Join Date: Nov 2006
Location: Indiana
Posts: 9,565
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Credit Crunch Reverberates To Car Loans
The credit crunch, having knocked around the American home, is now rolling into the garage.
When Michael Staggs, 36 years old, of Spring Hill, Fla., set out to buy a 2006 Dodge Dakota truck last month, he was looking for an auto loan with an interest rate below 10% and monthly payments between $250 and $300. But Mr. Staggs, an engineer for a telecom company who says his credit isn't bad, but not great, didn't get the terms he was banking on. He put down $1,500, and his $14,000, 72-month loan came with $298 monthly payments and a 13.5% rate. "That's a lot higher than I wanted," he says.
LINK: Lenders Ease The Throttle On Car Loans - WSJ.com
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Rick
Nitro Year: 2007 (1 of 113,000 sold)
Nitro Model: R/T 4X4 Stone White
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Fully-Equipped w/all factory options
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