4 ms·
they're already required to clearly display the total interest over the full loan term on the contract you sign. there's no hiding the fact that 25% APR with a
by leetcrew 4y ago
they're already required to clearly display the total interest over the full loan term on the contract you sign. there's no hiding the fact that 25% APR with a 72 month term means paying ~100% of the principal again in interest. I honestly don't see how it could be made more clear that this is a terrible financial decision. it's like it just doesn't occur to people that they might have to pay for things other than a car note sometime in the next six years.
- deleted 4y ago[deleted]
- ashwagary 4y ago>there's no hiding the fact that 25% APR with a 72 month term means paying ~100% of the principal again in interest. I honestly don't see how it could be made more clear that this is a terrible financial decision. According to Michael Saylor, the value of the dollar halves every ~5 years. It's still not a great financial decision but if that capital is being utilized well, it may not be so terrible for people with no access to lower apr loans.