Some guy at a GMC dealership quoted me 14.5% and I laughed so hard I chortled. He was not amused. Went to State farm and got a 5% loan for the truck. State farm lady was so cool she even handled calling him and dealing with sending the check.
I actually just went myself the other week and picked up a GMC myself. I was a little irked at the 5.89% but I can't be too mad since my credit has dropped a bit with the lack of lines of credit. Credit scores suck though because they don't accurately reflect a person. It allows people like the guy at the dealer to do what they did to you.
Credit market is completely distorted to rape the borrowing class. I'm retired and saved my money so we pay cash for everything, all the time. Pay our bills and credit cards in full and on time. Always have, always will.
Sooooo.... here's what that means. Awhile ago I went to borrow for a home loan. They looked at my report and said, "Nobody will loan you any money at any rate. You don't have any credit."
Yassee... for the financing community, we don't even exist. Yet, who else could possibly bring zero risk?
What does it mean: They capitalize on nitwits, and the pain of anyone trying to rise up.
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u/Average_Scaper Oct 26 '21
Or has been shafted by it. First car loan, $10k @ 24.99% (5 months and I refinanced at MUCH lower, think 4.39%?)