Re:On the Experience of Being Poor-Ish, for People Who Aren't
by chrisseaton on Monday March 01, 2021 @12:31PM
(#26305396)
A basic, simple loan like this also is often good for your credit record.
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Re:On the Experience of Being Poor-Ish, for People Who Aren't
by throwaway99997 on Monday March 01, 2021 @01:24PM
(#26306093)
Unless your credit score is absolutely perfect, the APR on a used car loan is easily 8-10%
That's a pretty big chunk of change to spend to boost your credit record
Re:On the Experience of Being Poor-Ish, for People Who Aren't
by chrisseaton on Monday March 01, 2021 @01:32PM
(#26306236)
Right I was thinking about new car loans which I've seen at zero, which is why it makes sense to work the money somewhere else.
Re:On the Experience of Being Poor-Ish, for People Who Aren't
by buescher on Monday March 01, 2021 @01:37PM
(#26306311)
Yeah, that's another way it costs to be poor. But you can read that page as "a new car loan can be as low as 4.2%, even if you only have fair-to-good credit".
It can still make sense to hang on to the cash if you don't otherwise have a cash reserve.