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Holy Crap! Loan interest rates!

Discussion in 'The Lounge' started by newyorkin, Mar 24, 2007.

  1. newyorkin

    newyorkin 1 ton status

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    I just paid off my minivan loan, which was 5.2%, taken 2.2 years ago. Just for kicks I checked out a new loan... The rate is 11.25%!

    I guess the economy's not so bad after all....
     
  2. 79k20350

    79k20350 3/4 ton status

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    Wow, thats high...

    I just got my truck a 6% for 72 months...

    Although i plan on paying it off MUCH faster than that
     
  3. newyorkin

    newyorkin 1 ton status

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    This was a personal loan, not auto, though. Auto was a lot lower, and this was generic. I think I've built some decent credit by now, so I'd hope my rate is a little lower. If not, then it'll be a while before I go for that new truck...

    I couldn't believe it... I guess I haven't paid attention to this stuff in a while...
     
  4. thatK30guy

    thatK30guy 1 ton status Premium Member

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    You're right, the economy is getting better..............at screwing us. :mad:
     
  5. cbbr

    cbbr 1 ton status GMOTM Winner

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    Unsecured loans are high %. And the economy basically sucks.
     
  6. 79k20350

    79k20350 3/4 ton status

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    Have you tried a credit union?
     
  7. Stickseler

    Stickseler 3/4 ton status

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    Dude thats high, my credit union has 25k unsecured signature for 7.9 for 60 ,8.9 for 72, 9.9 for 120 months. I just got a mortage so we can buy our house for 6.25 30 year fixed.
     
  8. jekbrown

    jekbrown I am CK5 Premium Member GMOTM Winner Author

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    :rolleyes: clearly you weren't alive when the economy actually did suck. Rewind to the late 70s / early 80s... when inflation was nuts'o and a home loan had a rate that was worse than most credit cards are today. Want a $100,000 house? that will be $500,000 over the next 30 years please!

    the economy is just fine.

    j
     
  9. CDA 455

    CDA 455 3/4 ton status

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    X2

    I remember my neighbor buying a brand new '81 Chevy Stepside with an interest rate of 21% :eek1: :eek1: !!

    In addition, the unemployment rate dipped to a incredible 4.5%!!
     
  10. cbbr

    cbbr 1 ton status GMOTM Winner

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    Sorry, I forgot that you lived through that....

    And my statement is an opinion, mine. Compared to the times that I have both lived through and been a part of the work force (i.e. paying attention) I don't think that the economy is in good shape.
     
  11. cbbr

    cbbr 1 ton status GMOTM Winner

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    Vehicles are financed at higher interest rates than that every day - its called sub prime lending. And if the whole world was employed at Burger King, the would be 0% unemployment and the economy would still suck.
     
  12. grimjaw

    grimjaw 1/2 ton status

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    Around 79 or 80 mortgage rates for good credit were double digits and credit cards were in the 20's.
     
  13. cbbr

    cbbr 1 ton status GMOTM Winner

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    The fact that it has been worse does not mean that it is great right now. It has certainly been worse. I am hopeful that it does not slide that far again.
     
  14. bigjbear

    bigjbear 1 ton status Staff Member Moderator

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    It all about perspective.
    Your neighbor is laid off= recession
    You get get laid off= depression
     
  15. CDA 455

    CDA 455 3/4 ton status

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    Man, I saw that coming when I wrote the previous post last night, but I hoped it wasn't going to come from you :( .

    The unemployment rate is an excellent gauge of how our economy is doing.

    It's obvious to me you know little aboot business and basic economics or you wouldn't have posted that juvenile, inflamatory, and sarcastic response. It's right oot of the liberal handbook :rolleyes: .

    In an economic boom almost every aspect of the economy sees business expand, yes, including the fast food industry.

    Up here in Idaho, Navy shipbuilders and aircraft manufacturers are going to have a hard time finding work but they can go to where the jobs of their field are. Bubba and I are lucky, we have jobs that can transfer anywhere.
     
  16. jekbrown

    jekbrown I am CK5 Premium Member GMOTM Winner Author

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    everyone has their own opinion/perspective I suppose... but I'd like to see some stats that back up your opinion. I look at the stupidly-low unemployment rate, the highest home ownership rate of all time, steady wage increases, good stock market performance (since the small recession of 2000 + the 9.11 market drop anyway), good interest rates, GDP growth etc etc etc and formulate that idea that the economy is doing very well. What #s are you looking at that leads you to believe we are going to hell in a handbasket?

    j
     

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