Not that my experience is going to change anyone's mind because when you are determined to get a car and there is a convincing salesperson involved, you are probably going to do what you want to do anyway. But I'm still going to say this: please be careful.
I know it's easy to focus on the "right now" and not think long term, especially when you are stressed, desperate, or just trying to survive. I've been there. But trust me, these decisions follow you for years.
In August 2022, I purchased a vehicle from Gary Bryan/Auto Cave, and it turned out to be the worst financial decision of my life. I wasn't young or inexperienced. I was simply desperate and needed transportation immediately. A friend of a friend recommended them, so I went.
If you are in a difficult situation, I understand doing what you feel you have to do. But please read every single document before signing anything. If you don't understand it, take a picture and run it through ChatGPT, Google Gemini, Copilot, or anything else that can help you make an informed decision.
I purchased a 2009 Lexus, and by the end of this loan I will have paid more than three times the Kelley Blue Book value of the car. At the time, the lot looked appealing because most of the vehicles were luxury brands, but looking back, that presentation distracted from the actual loan terms.
An interest rate over 20% is predatory lending. Period.
One of the biggest lessons I learned is that having a vehicle is not the same thing as building financial stability. A dealership may have stricter requirements, but they also typically report positive payment history to the credit bureaus, offer refinancing options, hardship programs, and other protections that matter in the long run. That matters when you eventually want a home, better credit, savings, or a newer vehicle.
I've had this car for about three and a half years, and honestly, I may have actively driven it for only about a year total. It's currently parked. I'm making my final payment next week, and when I do, I'll be requesting a complete payment ledger.
I especially want young women to understand how easy it is to end up in financially predatory situations when nobody has taught you what to look for. Wanting a car is understandable. Needing transportation is real. But excitement and urgency can cloud judgment fast.
Also, be careful with bundled insurance options. In many cases, you will still need separate coverage to legally drive, so you may end up paying twice. If you do decide to move forward with a high interest vehicle purchase, at least secure your own full coverage insurance and really evaluate the loan terms before signing.
And another thing: think realistically about your job stability. If the loan term is three years, ask yourself if your income situation truly feels secure enough to carry that obligation for three years straight. These companies want their payment every two weeks no matter what happens in your life.
Will they put you in a car? Absolutely.
Will you realistically keep that car comfortably for the full length of the loan? That's a different conversation.
Please explore all your options first. Traditional dealerships, credit unions, first time buyer programs, even certified used programs can sometimes put you in a far better situation long term. If your payment is going to be high either way, at least make sure you are getting reliable terms, credit reporting, and protections with it.
I'm sharing this because I wish someone had explained it to me this clearly before I signed. read more