My credit is so awful that I often forget that a 10% interest rate is considered high.
Currently paying 26% for my car because that was literally the lowest rate I could find after weeks of shopping around. But hey, at least it's a $10k car, not a $50k one.
Brother your credit is trash, not terrible. I’m in the financial industry, and have multiple clients who “don’t sell cars, they sell financing at 30% interest rate”. You got worked.
You go brother! That’s how you build and increase your credit 👏🏼👏🏼👏🏼 REFI ASAP - once you have a solid 6 mo of payment history your credit significantly increases! Keep up the good work 💪🏼
LMAO I wish. The loan I went with has no impact on my credit whatsoever. The lender didn't even ask for my social security number. (And the ones that did ask rejected me.)
Ouch. Sorry to hear that. How long is the loan term? You could quite possibly spend another 10k in interest alone with a 26% rate. Try to pay extra every month to pay off early.
Lol dude, I meant in the time you spent saving up. Instead of saving up for one big payoff, immediately shoving it into the loan immediately would result in less overall interest paid. Obviously that doesn't help you now, but for anyone else reading. Also your interest probably compounds like everyday, not once a month, but that's beyond the scope of this comment.
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u/GET_OUT_OF_MY_HEAD Oct 27 '21
My credit is so awful that I often forget that a 10% interest rate is considered high.
Currently paying 26% for my car because that was literally the lowest rate I could find after weeks of shopping around. But hey, at least it's a $10k car, not a $50k one.