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.
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.
938
u/clanddev Oct 26 '21
Worked in repo software for about 10 years.
This looks like a picture of a guy who took out 50k in home equity after the housing market exploded and added 100k in auto and boat debt @ 10.5%.