I’m refinancing this terrible loan and the bank person grimaced when they saw this.
I was sold a car with a 14% interest rate after being told I wouldnt be charged for interest if I paid it off in the first month, so I could pay it off when my CD popped that week. The bank then told me that I had to wait to pay it off until it “appeared in their systems”. Turns out that happened right when interest ticked! Funny how that works
hey millenials: car dealers are not a good choice of bank. please tell your generation about credit unions: https://www.logixbanking.com/rates/vehicle-loans
That is, if they approve you at all. Their requirements are higher, which is why you would get a better rate through them. If you can’t, you may need to go through a different company with a higher interest rate. Should that be the case, it’s best to consider getting a car (and the loan) significantly less in than what you’re approved for.
And maybe buying something that isnt sold by a dealer…
Loans with interest rates above inflation are weapons. They are violence. Why should we all have to pay more than something is worth for our education, our transportation, our housing? Why are we paying directly for these things at all?
Government should be providing all this for its people. Higher education should be provided. Starter housing should be provided. Public transportation should be provided.
A car is not a right, it’s a privilege. You have a right to walk with your own two feet. If you don’t want to - then you have to pay.
It’s a good thing we have a robust public transportation system and pedestrian infrastructure then. /s
Yes, we do.
Not in the US we don’t. A car is a necessity for the vast majority of Americans because of how our cities and towns are built. The car lobby makes sure that doesn’t change because they can take advantage of that fact to put people in massive amounts of debt.
The world doesn’t end with US, surprise!
Nor does it end with the UK, which is the perspective I assume you were speaking from when you said owning a car is a privilege and that people should just walk.
Nowhere but in the US people rely on cars. Cars are just too fucking expensive for the majority of human population.
Check with and get pre-approval from a credit union or two near you. Go with that pre-approval for the car you want.
Rarely do the dealers find or provide a better deal. DON’T let them focus you on your monthly payment. Look at the complete picture.
Interest rates above like 10% should be illegal.
Wait until you see the payday loan usury rates!
I’ve gotten mail that have checks that you can immediately deposit if you’re in a pinch, but when you need to pay it back the APR on them is 89% 💀
Where do you live?
I got a new one today!
This one has an APR of … 96.251% 💀
Bruh.
Maybe try the opt out? (Not trying to sound rude)
As a non-American it seems wild to me that you would take out a loan for a car.
Americans are bad with money.
Country is car centric. You can not live here without a car. It’s next to impossible. Especially for the handicapped. They can’t get anywhere easily without personal transportation. We suck at mass transit.
Americans are also bad with money.
Not all of us. I’m sitting on 60k+ in my checking. Plus I paid off every debt I had but my school loans. Those will never be paid off ahead of time. Fuck the GOP for not helping students. But hopefully I have 20% set aside for a home in the next year or two.
not bad with money
60k+ in checking account
Womp womp
Lol I would like to offer you a loan.
Where are you that cars are affordable to a point where this is an usual thing?
Buy the car you can afford. If you can’t buy it outright or make a significant down payment (20-30%), don’t take out a loan, look for a cheaper option. Those interest rates are insane, I’m amazed how anyone would accept them.
“American” here. We are obsessed with financing depreciable assets.
We are also obsessed with appearances and status.
I’m sure you can see from this thread some of us cannot comprehend driving a $5000 car. They will whine and come up with tons of excuses for why that just cannot happen.
