alt Hacker NewsYou didn't get fucked with 19% apr because you had no credit history. You got fucked with 19% APR because either the parameters of the loan were really bad or there were some other circumstances. Income less existing obligations vs payment size account for the lion's share of interest rate on an auto loan or just about any other consumer loan.
Credit history is massively over-sold as being impactful by the kind of idiots who live payment to payment.
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devmor • last Tuesday at 7:41 PM
No, I got 19% APR because I had no credit history. I know this because there is a big detailed letter full of reasons for your offered rate that you receive when you take out a loan.
The fact that you don’t know this suggests you probably don’t know a lot about how loans work.
I agree. My first use of credit was a car loan when I graduated. I had the offer letter to show income (I had not started yet) and some up front sign on / relocation money for the down payment.
It was fine, I paid it off quickly.