My first car had a 23% interest rate on the loan. I had no credit history and was relying on people I thought knew enough about car buying with me to help me know if I was getting shafted. That dealership has remained on my do not buy list ever since, even after changing ownership due to the previous owners practices of fraud
Because cars are status symbols and people are fucking stupid. So of course capitalists exploit these dumdums. There are even companies where you can rent-to-own tire rims. And of course those companies make hundreds of millions a year.
12% is pretty insane for an asset that depreciates as fast as a vehicle does.
My first car had a 23% interest rate on the loan. I had no credit history and was relying on people I thought knew enough about car buying with me to help me know if I was getting shafted. That dealership has remained on my do not buy list ever since, even after changing ownership due to the previous owners practices of fraud
It’s such a sham that the “truth in lending” laws still didn’t go far enough to simplify the Financials of loan interest.
Because cars are status symbols and people are fucking stupid. So of course capitalists exploit these dumdums. There are even companies where you can rent-to-own tire rims. And of course those companies make hundreds of millions a year.