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Uh, car loans are below 2% only for people like you and me with excellent credit scores. "The other half" can only get financing directly from shady used car lo
by boring_twenties 7y ago
Uh, car loans are below 2% only for people like you and me with excellent credit scores. "The other half" can only get financing directly from shady used car lots, where good luck even getting them to tell you the interest rate (or the purchase price) -- they focus instead on the monthly payment (and try to downplay the fact that it's for 72 months).
- xhkkffbf 7y agoYes, they are a higher for people with bad credit, but they are still reasonable compared to unsecured loans. And that was my point, not this social justice diversion. And, yes, the rates do go up for people with a bad credit history. You can call them "the other half" but the simplest way for you to demonstrate your devotion to helping them is to quit writing comments and go lend your retirement savings to them. You seem to imply the banks are just overcharging out of some evil motive. Now is your chance to prove how wrong they are by cashing out your trust fund (you sound like a trustafarian) and loaning it out at "fair" rates. Just remember that every default by "the other half" destroys hard earned capital of retirees. The low rates really hurt the older savers. They're part of the "other half" too.