A quick check at my local credit union shows APRs between 6-7.5% for people with “excellent” credit. Compared to when I bought my recent car, rates were hover

A quick check at my local credit union shows APRs between 6-7.5% for people with “excellent” credit. Compared to when I bought my recent car, rates were hovering between 1-2% (2015-2017). A large majority of Baby boomers in US reportedly do not have savings for retirement [1]. A large portion of the US living paycheck to paycheck. And many of those people do not have the savings to cover more than a $400 emergency. [2] most people won’t have the liquidity to pay out of pocket. Thus why they reach for loan products. Either that or they forgo medical expenses or forgo other expenses. [1] https://thehill.com/business/personal-finance/3991136-nearly-half-of-baby-boomers-have-no-retirement-savings/ https://thehill.com/business/personal-finance/3991136-nearly... [2] https://time.com/personal-finance/article/average-american-savings-account-balance/ https://time.com/personal-finance/article/average-american-s...