17% for a first time buyer isn't insanely high. However, with such a substantial down payment, they should be able to find something a little more competative. Maybe 15%.

The most important detail is that you don't have to end up paying all the interest because as soon as you establish your credit, you just refinance. This usually takes about a year. After you have proven your financial responsibility, you can easily cut that rate in half.

 

Sorry I disagree. Financing at 17% for anything is too much. My first car that I financed by myself was a Nissan and being a kid out of college with bad credit they gave me a % better than half of what the OP was offered.

 

17% is way too high. You tried using a co-signer?

 

Thats credit card rates IMHO. No way would I finance on that kind of rate.

 

That's loan shark rates on anything IMHO.

 

Except you can declare bankruptcy without getting whacked.