I Have a 24% Interest Rate On My Car Loan!

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[consciousology]

I took a loan out with 36% interest to end my homeless streak and another loan for 20% interest for a car to drive for Lyft since i can't get a job. My life was actually a lot worse when i was homeless for several years. This is what happens when your desperate and everybody denies you except the corporate sharks.

[laurab]

James sounds like such a nice guy, hope they made it on their debt free journey!

[drunclecookie]

I got a 2.99% interest rate on my car for a 6 year loan.... and I'm paying it off tomorrow... 2 years early on the loan!

[calmmusic]

“You sell so much stuff, the kid thinks he’s next” 😂😂😂😂😂😂😂

[BattleBeautifully]

I'm in the same situation. The lesson I have learned is not to be haste for anything. If you work hard, everything will come in its time.

[jayq.mcburger]

If I could get 24% interest on my investments that would be dope

[jayj]

If he keeps this up. Car salesmans are gonna have to find a new job because car dealerships are gonne be outta business. Keep it up Dave! Lets put these tricks outta business!! Theyr ruining lives

[joshuatate]

How on earth do you make $75k and not even have $1000 emergency fund?!?

[michaelb.]

When you get a car loan they go through all financial loan paperwork with you. How did he NOT know his interest rate and monthly payment until he got his first bill? Either he wasn't paying any attention at all or they went to a less than reputable roadside car dealership, my money is on the latter.

[enigmathegrayman]

I can’t find something to give me 24% interest, I sure as heck ain’t gonna give a bank 24% interest!!!!

[threedeeprince]

why doesn’t he just refinance his car at a local credit union for 3%?

[jr.o]

I've got stuck with a 24% loan twice... The first was my fault but i paid it off within a year. The second time i signed with a sibling ( i did so because i was in extreme dispersion and feeling dead) i was sucker in... I am now stuck with a car work $4500 that's was sold a $9000 and doesn't even run and drive that well. This is a unique situation.

[DavielJames]

In other words, he has a credit card.

[ВладимирЧернов-чо]

I like to watch this show to make me feel better about my financial decisions

[fsmoura]

Could be worse, he could be in Argentina. They have a central bank 40% interest rate. Imagine what they get in loans.

[DigitalRecollections]

When the mob loans you money at 25 percent interest they are “loan sharks” when a big bank does the same thing it’s “providing low income people with access to capital”

[MrJM-zrhk]

I have been on both side of this I have had high interest loans before because my credit was not up to par and I learned from it. I have made high interest loans to people who has honestly begged me to do so because they needed a car, I did not mess up their credit they did. They are not listening when the high interest loan is being covered during the contract signing they are just reaching for the keys and most of them still are not going to pay and lie about what happened after that high interest vehicle has been repossessed, a different excuse every month. I have tried to advise them but very few listen and I have had more of them try to take advantage of me than I can take advantage of. I thought the same too until I got to work on the other side of the desk. Irresponsibility is the only way 65% of the people in the state of Georgia ends up with bad credit. That's not the dealer's fault. Take responsibility for your own actions.

[MrJM-zrhk]

You end up paying 24% when you don't pay your bills. Lesson Learned is pay your bills on time every time. 65% of the people in Georgia have bad credit. Most people don't want what they can afford, they want what they see others with.

[kawirocket]

Moral to the story... If your credit sucks you pay high interest rates!

[zjones]

When Dave asked him how much he owed I was honestly surprised it was only 14k. I thought he was going to say 50k or more.