Hi. I found a car which I want to buy for $11k. I was at the dealer today to get it and I chose to finance it. I wanted to put a $2000 down payment and pay tax upfront. They gave me an option of paying 295/mo for 60 months which gives a number of $17700...the interest rate that they got me for is 7.8% which is to high in my opinion. My credit score is 740 but I never had any loan or mortgage, they said that its that high because of that. Even with 7.8% interest it doesnt add up. Its my first loan so I dont really how it works. I said that I am going to get a loan myself and come back with cash. Could you help understand it? Was a a good deal or did they want to rip me off?