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Mother and son fail in complaint about 23.95% interest rate (www.stuff.co.nz)

submitted 1 year ago by luthis to c/newzealand

3 comments fedilink hide all child comments

Controversial take: If you are buying a car for $29 f-ing thousand dollars, with no downpayment, and accepting interest rates over 20%, and can and have afforded to pay $250 per week in repayments, you have no right to be complaining about the interest rate you agreed to.

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[–] ChapolinColoradoNZ@lemmy.world 3 points 1 year ago (1 children)

In NZ there's a car for every budget. You don't have to buy new if you can't afford it.

[–] Ilovethebomb 4 points 1 year ago

Thirteen thousand dollars in interest, Holy Hell.

[–] biddy@feddit.nl 2 points 1 year ago

You can argue it the other way though. This person is not making sound financial decisions, these loans are predatory and designed to take advantage of vulnerable people that don't understand what their signing up for. This is a failure of the government both to educate people in financial literacy, and to regulate this industry and it's predatory marketing.