I'm refinancing this terrible loan and the bank person grimaced when they saw this.
Wait until you hear about mortgage in Russia
26% APR. On a mortgage. No, seriously.
this post was submitted on 03 Apr 2025
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Jesus... Are the prices low due to the interest rate? Or is all property owned by people who can buy cash?
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As a non-American it seems wild to me that you would take out a loan for a car.
Where are you that cars are affordable to a point where this is an usual thing?
Buy the car you can afford. If you can't buy it outright or make a significant down payment (20-30%), don't take out a loan, look for a cheaper option. Those interest rates are insane, I'm amazed how anyone would accept them.
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You have the option of not buying one if you cant afford it.
And there are some used cars around the 2-5k€ pricepoint if you really need one i guess.
Edit: my main point was that it always shocks me to have such a car dependence in the US that you'd even have to go into debt. I am not saying Americans should just not buy cars...
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Yeah, u buy a used one for like 2,000 - 3,000€. Or you lease. But taking on a loan with 16.9% interest would not cross my mind.
If i cant afford a car, then i aint buyin one.
(This post was presented to you by "living in a livable city" Gang)
But for there to be used cars, there needs to be new cars... How do the people that buy new cars pay for them?
Those are older/richer people that saved enough money to buy new.
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I'd be more impressed with their car vending machines if the cars were the same price as a bag of chips.
Capitalization matters.
Carvana is a sister company of drivetime. Drivetime's target customer base is sub-prime. Putting 2 and 2 together, this doesn't surprise me at all. Their lowest interest rate might be 16% (for their target customer base) and goes upwards of 30%
Wild. I bought a car from Carvana in 2022 and the interest rate back then was 6% on a 3-year loan, which was on the high side of normal for the time period.
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Interest rates above like 10% should be illegal.
Wait until you see the payday loan usury rates!
I've gotten mail that have checks that you can immediately deposit if you're in a pinch, but when you need to pay it back the APR on them is 89% 💀
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I was sold a car with a 14% interest rate after being told I wouldnt be charged for interest if I paid it off in the first month, so I could pay it off when my CD popped that week. The bank then told me that I had to wait to pay it off until it "appeared in their systems". Turns out that happened right when interest ticked! Funny how that works
I seriously pray every single day that nuclear war breaks out or that a fucking astroid just hits me right on my head when I'm on the way to my car.
Try a credit union?
yep, that's what I'm doing. They're offering 7% with EXACTLY THE SAME PARAMETERS AS CARVANA.
Shop around with credit unions too. You can get different offers from them. Diff fee schedules too.
Is cash for a beater car no longer an option? I don't want to be a "less avocado toast more bootstraps" person but a loan for a used car sounds wild to me. Maybe I'm out of touch. My vehicle is old enough to drink
I would strongly advise against drinking your vehicle regardless of how old it is.
Buy from the owner, not a dealership. Plenty of people selling beaters on Craigslist and Facebook marketplace.
Cash for clunkers removed a significant portion of the used cars from the market. It was a while ago but its effects are still very much being felt even if people don't realize exactly what it is.
That was back in 2009 those cars would.be dead already by now
Sure thing kid.
Personally, I agree with your mindset, but I'm pretty handy with fixing/maintaining my own vehicles. For someone needing something to reliably get back and forth to work/school/daycare, I understand why people don't go this route. Shop lead times have skyrocketed in the last few years, as have repair prices. Sometimes you just need something you don't have to worry about.
a loan for a used car sounds wild to me.
Predatory car loans has entered the chat.
I don't know about Carvana, but plenty of scummy dealers will give insane rates to people with no credit check, repo the car while they're still underwater on the loan, and sell it to someone else. You can have two or three people paying off the same car.
Oh, also, they somehow encourage the most gullible people who can't afford their loans to just let the car get reposessed instead of attempting to sell it back to the dealer.
Cars have been expensive for a few years now, bought an 08 Subaru in 2020, it's worth more now than what I bought it for.
I have a good '08 car that I bought with cash 10 years ago for $3000. I got it from a guy who exclusively sells and fixes this model of car. I went back last year to get my car fixed and looked at the cars he was selling. '08s were starting at $5000.
I paid 1k for my shitty pickup in 2018, it's in worse condition than when I got it, and about 100,000 more miles on it.
It's supposedly worth 3500 now. It needs about $300 worth in parts alone to get it into what I would consider a condition worth buying.
I don't understand.
Shit, a working pickup? Could probably get people to bid on that and make more. New pickups are absurdly expensive
Older subarus are a high value and age well. I would expect it to hold decent value but that is crazy to be worth more 5 years later
there are a lot of used ~2018 to 2022 cars on the market with not a lot of miles, most go for around $20k (like what I got). True beaters still go for like $10k.
A car that is the current model year is "used" as long as it's had an owner. That's what these loans are for. You can't even get a loan for cars past seven years old with most lenders.
I mean yeah, that's why I said beater. I just wouldn't expect someone young or looking for a first car to be buying a current model year with low miles anyway.
I guess I was thrown when you said a loan for a used car was wild.
Not often. Used cars, at least where I am, are all pretty pricey, and with rent and shit being out of control, I'm not surprised younger people can't afford to save enough to buy one outright. I'm lucky to be older and I bought my current car at 0% interest in 2012. I'm keeping it until it gives up because I know we'll never see that kind of deal again.
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