what am I getting into?

Hi everyone and thanks for helping me out with the problems i have buying my 1st truck. I really don't know what I am getting into but Im tired of working as a driver and think its time to be an o/o. I have been searching for a truck since December and ended up finding a 2010 fl cascadia midroof (planning flatbed) dd15 10spd 505hp automatic ( have knee problems). Anyways; I am about to finance a truck which is priced $49.950 and I have $20k down payment . I'm having problem with calculating the interest rate which is (%26.59 48 months wtf!!!). I think I'm about to get screwed over and before I take a step I wanted to get your ideas. I know I don't have a good credit score but still there is something wrong. Here is the dealer's (lender's) calculation with fees and interest and etc etc....

$49950 trucks price plus
$150 document storage fee plus
$3995 200k miles warranty plus
$163 title fee plus
$400 GPS fee
Which comes out to
$54658 total
And $3000 out of my $20k down payment goes to "contract origination fee" so I basically left over with $17k down payment... OK... Lets do the math...


$54658-$17000=$37658
$37658+26.59%=$47671.2622 is supposed to be the total with interest... And I should have
$47671.2622 divided by 48 = $993.151295883 monthly payment...
But !!!
This is what the lenders calculation per month
$1282.39

If its like this I have interest around 60s...
What are your opinions about this and how does this rate is calculated? Thanks for your helpful and respectful opinions

 

I do and i shouldnt even get close to this deal... But I'm really looking for a way to buy this truck

 

Its a good point Sustanon thx but I'm leaving that problem for later...

Patronas01 , there's no other hidden stuff , just the rate brings the price to this high. As Tucker said , btw thx tucker it makes more sense now; its a yearly rate so I really don't know how it actually works but as I searched on the web I pay interest on interest. To get a better idea I don't know who to talk to but I'm planning to go to my bank in the morning and ask them to call the lender and get better info since I have no idea what I'm into. Also why I'm kinda OK with this rate because today I talked to the lender and she said I can pay this loan off anytime and there will be no fee for it. I'm planning to pay it off in 6 months which I believe I will be making enough to pay it off even with down time etc etc. Any other way you guys recommend?

 

I haven't looked into that yet... Everything happened just today so I'm still in search