this post was submitted on 29 Feb 2024
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Asklemmy
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My mother in law bought a truck the same week I bought my car. I mentioned that I got a 1.9% interest rate. She got a 22% rate!!! I was absolutely floored when I found out what she did.
22% is insane, that should be illegal honestly. Pretty much bought it on a credit card.
Yeah I was absolutely disgusted when I found out. It made me realize that there's definitely a "poor tax". If you don't have good credit and/or aren't informed enough to pay attention to interest rates, you're basically going through life on hard mode.
Thatβs also why you never buy a car near a military base.
Lol that just reminded me of the /r/justbootthings subreddit. So many stories of 24% APR loans on Dodge Chargers.