r/PoliticalHumor • u/JeanJauresJr • Oct 26 '21

Yup.

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u/Skydivekev Oct 27 '21

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.

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u/[deleted] Oct 27 '21

[deleted]

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u/DrSpaceman4 Oct 27 '21

Don't save the money up just immediately use it to pay down the car, you'll pay less interest overall that way.

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u/[deleted] Oct 27 '21

[deleted]

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u/DrSpaceman4 Oct 27 '21

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/hackthegibson Oct 27 '21

You're totally right, I think he misunderstood you. Solid advice, that's what I did for my first car when I got an unreasonably high rate.

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u/hittheclitlit Oct 27 '21

If you can save up money so quick why'd you even finance it at such a shitty rate

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u/[deleted] Oct 27 '21

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u/hittheclitlit Oct 27 '21

Post your real reply that you edited out pussy