Walked past a car dealership in Austin and their financing pitch made my skin crawl.

The salesman told a young couple they could get a loan with a 22% rate, no problem, because 'everyone starts somewhere.' That's not advice, it's a trap. Has anyone actually gotten a decent deal from a place that pushes those terms?

4 comments

4 Comments

piper77921d ago

Yeah, like @violar35's cousin, sometimes it's your only shot.

violar3521d ago

My cousin in San Antonio got her first car loan at 19% from a buy-here-pay-here lot. She needed a car for work and her credit was shot. That rate got her to her job for two years until she could refinance. Sometimes that starting point is the only one you have.

sage30821d ago

Yeah but 19% is wild, @violar35. I get needing wheels, but that's like paying for the car twice. There had to be a beater on Craigslist or a co-sign option before jumping to that.

hannah40021d ago

Remember my buddy who had to take a 21% loan just to get a delivery van? It kept his small business alive for a year until things turned around. Makes you wonder how many people are stuck with those deals just to get by, right?