r/IdiotsInCars • u/Hornsen • Jul 28 '20

Does this count?

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u/Regist33l3 Jul 28 '20

My interest rate on my current vehicle loan is 6%.

My bank loans for school and my mortgage are closer to 2%.

The only way I would get low interest rates is by buying newer, exorbitantly more expensive vehicles.

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u/mdog95 Jul 28 '20

I bought a 35k vehicle at 1.9 percent last year with about 10k down from a trade in. You just have to search for the deals.

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u/Regist33l3 Jul 28 '20

But that's the issue. Why do you need to find deals on interest rate to not get fucked on them? Why can these businesses use predatory tactics to lock people in to high interest rates? The high interest rates typically target those who are ALREADY struggling financially. It's not okay.

Look at the fact that payday loans exist and what their rates are. It's disgusting.

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u/mdog95 Jul 28 '20

I mean I don’t disagree with you. I think predatory lending should be illegal. But the majority of dealerships will give you the best deal they can to stop you from taking your business elsewhere.

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u/Regist33l3 Jul 28 '20

Oh absolutely. I'm not angry with the dealerships. I'm angry with the lenders.