Based on a true story

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

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

As a non-American it seems wild to me that you would take out a loan for a car.

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

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.

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.

Don't buy cars. Ban them.

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.

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%

Try a credit union?

A true story.

That's just typical brazilian interest rates

I took a loan out on a brand new car many years ago, a 6 year term with 17% interest (don't do that, kids). But I was able to refinance to ~4% a year later, we knocked another year off the remaining term (5 years to 4 years), and I still ended up paying less per month than the original payment.

I miss that car sometimes. It was a 2012 Kia Soul, and I really liked it. I went on a 3-week business trip a few years ago, and my rental happened to be a 2021 Kia Soul in mustard yellow. I loved every minute of it.

Capitalization matters.

Interest rates above like 10% should be illegal.