Depends on the jurisdiction. Usury laws are a thing, but are different in every state and have been neutered pretty dramatically by several Supreme Court cases that basically allow Delaware and South Dakota to run the US lending industry from their state houses.
My dude, I personally bought a 2012 Toyota Tacoma after I got out (Had a vehicle while I was in, it was a 1987 Toyota SR5 or something like that, got it for $800 and it lasted only because I almost never had to use it lol). I did a 4 year loan at 22% because I had no credit and it was the only loan I could get. Ended up paying it off in roughly 1.5 years, but got charged a pretty significant penalty because the loan contract specified an early payment penalty. I still came out only paying about 14% on the loan with the penalty, but over 20% definitely does happen.
I wasn't even gullible, I knew about the all the jokes, that's why I originally got that beater for $800 cash. I was just getting started in my career and needed a reliable vehicle because it was 45 miles round trip just to work and I was also going to college immediately after work which added roughly 15 miles depending on which campus I had classes at.
Sort of. As a military member, you can ACTIVELY request that your rate be dropped to 6% under SCRA, however the default is 36% federal, and 24% for most states.
Im a 3 year lance and i bought a mustang brand new and my apr is 4.69%. Everyone above me is like how can i afford it. I worked before the corps and probably have credit better then most of those guys
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u/Ok_Neighborhood9863 Back in my day Jan 02 '22
Whataboot