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High car loan interest rate
Comments
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£5800 over 5 years at 39.4% APR would mean total payments of £19511.20, so £13711.47 in interest. :'( It is much better to save up for things.0
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To avoid all doubt, your son's loan is 39.4% APR. He's paying that on the balance owing every year, not over the full term. That's why no one can answer your question without knowing the term of the loan.No free lunch, and no free laptop
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A loan at that rate is just deemed sub prime for those with a poor or no credit history. Standard overdraft rates are around 39.9% so not considered exorbitant. PayDay loans that charged 1200% were a different matter.biscuit1_2 said:usury
Usury means lending money at exorbitant interest rates
Never associate with idiots on their own level, because, being an intelligent man, you'll try to deal with them on their level - and on their level they'll beat you every time.
Being hated by idiots is the price you pay for not being one of them.
Jean Cocteau 1889-1963
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