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Personal loans in the UK are typically a fixed interest rate for the length of the loan -- I did some home improvements in 2021 and took a 7 year loan at 2%
by ta1243 3y ago
Personal loans in the UK are typically a fixed interest rate for the length of the loan -- I did some home improvements in 2021 and took a 7 year loan at 2%
- zdragnar 3y agoThe same is true for many auto and home loans in the US. The point, I think, is that you have much less purchasing power now that rates have gone up than before. Trucks are fantastic vehicles if you can afford them, but a 7% rate on a new $80k truck is beyond most people right now.
- buggeryorkshire 3y agoTheir point is that when they try and trade in their 3 year old truck which they got a low interest rate for a new one, not only is their truck worth bugger-all to trade in but their next interest rate will probably be doubled or more. Hence they'll stick with their current one so one less sale.