Overheard a guy at a coffee shop say he pays $900 a month for a truck loan at 22% APR

I was waiting for my order and this dude was bragging to his friend about his new truck payment, and I almost choked on my drink. That interest rate is insane for a depreciating asset, but he acted like it was normal. Has anyone here actually seen a rate that high or is this just a bad decision I'm not aware of?

2 comments

2 Comments

hugo_hayes10d ago

$900 a month on a 22% rate, what truck even costs that much?

ellis.rose10d ago

Holy crap, 22%? That's insane. You could buy a used sedan with that monthly payment for 2 bucks.