Just saw an ad for auto loans

"CB" (jrcb) 01/07/2016 at 14:20 • Filed to: None

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“From 0.1% to 29.9%.”

What the fuck kind of shit do you have to be smoking in order to be offered a loan at 29.9% and think that’s a good idea?

Tripper > CB 01/07/2016 at 14:25

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lol 30% on a car loan.

MontegoMan562 is a Capri RS Owner > CB 01/07/2016 at 14:25

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that’s for the “GUARANTEED APPROVAL” lots I would suspect. The guy who walks in with 7 repos on his credit and wants to finance. Sure, gonna cost ya though!

Jordan and the Slowrunner, Boomer Intensifies > CB 01/07/2016 at 14:30

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It's for those with no other options.

spanfucker retire bitch > CB 01/07/2016 at 14:30

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God damn, that’s higher than the interest on my credit card - which I already find to be offensively high.

Azrek > CB 01/07/2016 at 14:32

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Ash78, voting early and often > CB 01/07/2016 at 14:36

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I used to analyze subprime portfolios and I sometimes saw 26-28%. If you just can’t get approved anywhere else and there’s no competition from other lenders, you take what you can get.

It sounds insane to creditworthy people, but to a hard-up buyer who has terrible credit AND some cash flow, who cares about a $200 payment becoming $300? The alternative is NO CAR.

And to the lender, they might have 20%-25% of all the buyers in this category default, so it’s fair from their end, too.

Ash78, voting early and often > spanfucker retire bitch 01/07/2016 at 14:41

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And someone who qualifies for a 30% auto loan wouldn’t qualify for a single card. No way.

they-will-know-my-velocity > CB 01/07/2016 at 14:43

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“We don’t always try to fuck you, but we’ll probably try to fuck you.”

CB > MontegoMan562 is a Capri RS Owner 01/07/2016 at 14:44

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Yup. Says on it “we accept anyone!”

It’s awful, really.

CB > Azrek 01/07/2016 at 14:45

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What the actual dicks.

CB > Jordan and the Slowrunner, Boomer Intensifies 01/07/2016 at 14:45

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And predatory as all hell, unfortunately.

MontegoMan562 is a Capri RS Owner > CB 01/07/2016 at 15:00

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Yeah, the late night “get cash now loans” are brutal. I used to work nights back in college and at around 4 in the morning they had an ad up that said the interest rate (tiny fine print it took 2 runs of the commercial to read it) of 99.9%

we all almost fainted/died.

CB > MontegoMan562 is a Capri RS Owner 01/07/2016 at 15:01

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Is... is that even legal?

MontegoMan562 is a Capri RS Owner > CB 01/07/2016 at 15:04

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I imagine if you’re surfing channels for loans at 4 in the morning, legal isn’t always high on your list.

Sampsonite24-Earth's Least Likeliest Hero > CB 01/07/2016 at 15:06

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As someone who has a 17 percent on one car and 26 percent on the other yeah it’s bad but sometimes it’s your only fucking option

CB > Sampsonite24-Earth's Least Likeliest Hero 01/07/2016 at 15:08

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Yeah, but it’s still a load of bullshit. Predatory loans suck.

Sampsonite24-Earth's Least Likeliest Hero > CB 01/07/2016 at 16:23

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Unfortunately I have a good credit score but don’t make a lot annually. My wife makes much better money than I do but has a much shittier credit score. Which means since our cars are in both our names we get shafted. Cause she wouldn’t get approved on her own with her credit and I won’t get approved on my own with my annual income. Rock meets hard place

CB > Sampsonite24-Earth's Least Likeliest Hero 01/07/2016 at 16:26

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Wow. That sucks hardcore.