Quote:
Originally Posted by nostatic
Why does someone with bad credit need a $38k car?
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Because his co-worker/neighbour/brother-in-law/guy on TV has one.
I've written these loans for years, and the vast majority of them are sub-15k cars, maybe under 10k. Anything over 20k requires a minimum 20% down payment. A 38k car would require 10k down. Interest rates start at 26 and go up to 36. And no, I'm not trying to pick up a deal, because we can't finance anyone in the US. Just offering the perspective from the other side of the desk.