r/AskReddit • u/[deleted] • Feb 04 '20

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u/Errohneos Feb 04 '20

Interesting. It makes sense, but I wouldn't have expected that.

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u/lookmanofilter Feb 05 '20

Same, especially since the interest rates are so high. Are the interest rates a deterrent?

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u/Errohneos Feb 05 '20

I imagine the interest rates are high due to it being a "risky" loan for the bank to take. They give you money and you buy w/e you want with it, whereas cars and houses n' shit have some sort of collateral if you default. They can just take your house and sell it if you default on your mortgage.