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I'm refinancing this terrible loan and the bank person grimaced when they saw this.
I was sold a car with a 14% interest rate after being told I wouldnt be charged for interest if I paid it off in the first month, so I could pay it off when my CD popped that week. The bank then told me that I had to wait to pay it off until it "appeared in their systems". Turns out that happened right when interest ticked! Funny how that works
I seriously pray every single day that nuclear war breaks out or that a fucking astroid just hits me right on my head when I'm on the way to my car.
Interest rates above like 10% should be illegal.
Wait until you see the payday loan usury rates!
I've gotten mail that have checks that you can immediately deposit if you're in a pinch, but when you need to pay it back the APR on them is 89% 💀
Fun fact: in Brazil it is made illegal by the constitution, but the federal government itself ask for more than that in interest...
hey millenials: car dealers are not a good choice of bank. please tell your generation about credit unions: https://www.logixbanking.com/rates/vehicle-loans
And maybe buying something that isnt sold by a dealer....
As a non-American it seems wild to me that you would take out a loan for a car.
Where are you that cars are affordable to a point where this is an usual thing?
Yeah, u buy a used one for like 2,000 - 3,000€. Or you lease. But taking on a loan with 16.9% interest would not cross my mind.
If i cant afford a car, then i aint buyin one.
(This post was presented to you by "living in a livable city" Gang)
it's extremely rare to find such a cheap used car. my partner spent $8k on one that lasted a year. also, you might be surprised to learn that driving isn't optional in most of the US - it's literally impossible to live without a car. I live in a suburb. it's several miles of dangerous roads to get to a grocery store. there is no nearby public transit. even large cities like LA were completely designed around cars. zoning and urban planning here completely screwed us.
yes, it sucks, yes I'm aware, yes I'd love to live in a walkable European city with commuter rail and cafes on the street corner, no I don't have a choice.
But for there to be used cars, there needs to be new cars... How do the people that buy new cars pay for them?
Those are older/richer people that saved enough money to buy new.
Either company cars, leased cars or someone has the spare 30k for a car.
And of course people take out loans for cars too, but thats less common. And not really necessary in the cities.
You take that 10k you were going to drop on a crap used car, use that as down payment on a new car. Get a longer loan with lower interest and keep monthly payment lower. The larger the down payment, the lower the monthly will be, and now you have 10 years to set aside money for the next new car or "out of warranty" repairs.
There are still new cars that have a sticker less than 30k, after warranties and any desired upgrades, probably closer to 35k-40k for anything not a truck, EV, or sport car.
There's also people who lease, they pay lots of money to rent a car for around 3 year, after that they trade in for a new car and the old car gets sold as used.
Buy the car you can afford. If you can't buy it outright or make a significant down payment (20-30%), don't take out a loan, look for a cheaper option. Those interest rates are insane, I'm amazed how anyone would accept them.
Americans are bad with money.
Country is car centric. You can not live here without a car. It’s next to impossible. Especially for the handicapped. They can’t get anywhere easily without personal transportation. We suck at mass transit.
We're not given much choice.
You simply don't exist as an American without a car and a phone and internet and an address with your name on it. Anything below that is considered fringe, poverty or societal reject. Good luck getting a job without a smartphone and your own car, don't expect public transportation to be of any help, it doesn't generally exist outside the larger cities and what there is of it, often sucks and takes hours out of your day. Our "public" internet is mostly coffee shops who make you buy something to sit there using their slow-ass wifi. If you fall on hard times, you have to apply for aid, which comes with stacks of provisions, like having an address and a phone, and this kind of aid is only available temporarily and if you accidentally make too much money they will cut you off.
If you're savvy you can learn to use things like libraries and carpools and food banks and other resources for the needy. But it's really, really hard to get out of poverty once you fall down. Most institutions and companies that provide services of any kind charge you more and more the less money you have. You need to have over a certain amount in your bank or you pay fees. You need to pay your bills on time or they charge you twice as much, you need to keep a credit history maintained even if you're broke, because most employers include credit checks in their hiring process.
Most of the "middle class" you see here are suburban families working multiple jobs 6 days a week or more and are on average hundreds of thousands or millions of dollars in debt. Two people working often requires two cars, now your monthly transportation costs outpace your living expenses. Have kids or want to have kids? Good fucking luck figuring out childcare or daycare and paying for that too, not counting the vast sums of money the delivery and hospital stay alone cost, even if you have insurance. It's okay, smartphones and tablets will raise your kids. Keep the machine moving.
how are you buying cars? Because I'm in Europe and they're expensive here too.
The so-called "wealth" you see in the American middle-class is mostly just debt. We have the shiniest toys and the biggest houses here, but it's a giant gilded-cage. Most of us die in debt.
Cars are expensive and necessary in areas without good public transit (read: basically everywhere except a couple of areas in specific cities). Most of us don't have a year's salary just sitting in the bank, especially when you're young.
If you need a car to get to work, you'll pay what you have to because the alternative is no job which means no home, no healthcare, and no food.
Is cash for a beater car no longer an option? I don't want to be a "less avocado toast more bootstraps" person but a loan for a used car sounds wild to me. Maybe I'm out of touch. My vehicle is old enough to drink
Cars have been expensive for a few years now, bought an 08 Subaru in 2020, it's worth more now than what I bought it for.
I paid 1k for my shitty pickup in 2018, it's in worse condition than when I got it, and about 100,000 more miles on it.
It's supposedly worth 3500 now. It needs about $300 worth in parts alone to get it into what I would consider a condition worth buying.
I don't understand.
Shit, a working pickup? Could probably get people to bid on that and make more. New pickups are absurdly expensive
I have a good '08 car that I bought with cash 10 years ago for $3000. I got it from a guy who exclusively sells and fixes this model of car. I went back last year to get my car fixed and looked at the cars he was selling. '08s were starting at $5000.
Not often. Used cars, at least where I am, are all pretty pricey, and with rent and shit being out of control, I'm not surprised younger people can't afford to save enough to buy one outright. I'm lucky to be older and I bought my current car at 0% interest in 2012. I'm keeping it until it gives up because I know we'll never see that kind of deal again.
there are a lot of used ~2018 to 2022 cars on the market with not a lot of miles, most go for around $20k (like what I got). True beaters still go for like $10k.
Cash for clunkers removed a significant portion of the used cars from the market. It was a while ago but its effects are still very much being felt even if people don't realize exactly what it is.
a loan for a used car sounds wild to me.
Predatory car loans has entered the chat.
I don't know about Carvana, but plenty of scummy dealers will give insane rates to people with no credit check, repo the car while they're still underwater on the loan, and sell it to someone else. You can have two or three people paying off the same car.
Oh, also, they somehow encourage the most gullible people who can't afford their loans to just let the car get reposessed instead of attempting to sell it back to the dealer.
Personally, I agree with your mindset, but I'm pretty handy with fixing/maintaining my own vehicles. For someone needing something to reliably get back and forth to work/school/daycare, I understand why people don't go this route. Shop lead times have skyrocketed in the last few years, as have repair prices. Sometimes you just need something you don't have to worry about.
I would strongly advise against drinking your vehicle regardless of how old it is.
Check with and get pre-approval from a credit union or two near you. Go with that pre-approval for the car you want.
Rarely do the dealers find or provide a better deal. DON'T let them focus you on your monthly payment. Look at the complete picture.
Loans with interest rates above inflation are weapons. They are violence. Why should we all have to pay more than something is worth for our education, our transportation, our housing? Why are we paying directly for these things at all?
Government should be providing all this for its people. Higher education should be provided. Starter housing should be provided. Public transportation should be provided.
considering that you likely live in the US, just wait 6 months and this loan would be below monthly inflation
Lol...that's funny and also so depressing.
You pay for the ability to access capital you do not currently have. Nobody owes you thousands of dollars with which to but a car. If you want to buy a car with money you don't have, then you have to give the bank something in return. That something almost always is "more money than we initially lent you, over the course of the loan period" and if you shut that down, banks just won't give loans anymore. Suddenly poor and middle class people have lost their biggest tool for accessing capital.
Lack of public transport is a separate problem. The US has dropped the ball across the board there. Only a handful of cities have any reasonable public transport and even those systems are old and often shitty.
Education being so expensive that it needs to be financed, is a separate problem. Education is too important to leave to the free market, letting our system metastacize to this extent is the result of decades of compounding failures.
16.9% interest is predatory, but "interest above inflation" is necessary if you want banks to do anything besides hoard money.
Carvana is a sister company of drivetime. Drivetime's target customer base is sub-prime. Putting 2 and 2 together, this doesn't surprise me at all. Their lowest interest rate might be 16% (for their target customer base) and goes upwards of 30%
Wait until you hear about mortgage in Russia
26% APR. On a mortgage. No, seriously.
Always buy from a person not a dealer. Look for a model known to be reliable and cheap to fix and maintain. I bought a 95 Ford Ranger for $1,800 and am still driving it 5 years later. I’ve maybe put another 2k into it from oil changes, tires and brakes. People pay way too much for bells and whistles.
Try a credit union?
yep, that's what I'm doing. They're offering 7% with EXACTLY THE SAME PARAMETERS AS CARVANA.
Shop around with credit unions too. You can get different offers from them. Diff fee schedules too.
I'd be more impressed with their car vending machines if the cars were the same price as a bag of chips.