How in the world does someone have an interest rate on a car loan at 31.5%?? How is that even possible. I am freaking out over a 4% interest rate that should’ve been 2%.
Easy. Their credit score must be on the lower end and chances are with their income they can’t afford a traditional dealership car payment even at the longest term possible. So what’s the next best option? You know those smaller car lots that usually advertise “no money down”, “no credit check”, etc. Those kind of dealers take advantage of you with disgustingly high interest rates in exchange for an “affordable” payment that meets their budget to be paid over the next 5-8 years.
Thanks for making this chart, helpful to organize this way
How in the world does someone have an interest rate on a car loan at 31.5%?? How is that even possible. I am freaking out over a 4% interest rate that should’ve been 2%.
Lmao thats what I’m saying credit score must be like 299 💀
Easy. Their credit score must be on the lower end and chances are with their income they can’t afford a traditional dealership car payment even at the longest term possible. So what’s the next best option? You know those smaller car lots that usually advertise “no money down”, “no credit check”, etc. Those kind of dealers take advantage of you with disgustingly high interest rates in exchange for an “affordable” payment that meets their budget to be paid over the next 5-8 years.