A car is one of the biggest expenses most people will ever have, excluding housing. Cars are already expensive, but if you get bad financing, it can become even more costly. A 20-year-old is currently in that spot after taking out a 20% APR loan to buy a car.
The 20-year-old tried other financing options before resorting to 20% APR, but couldn't get approved for anything else, despite a 668 credit score. Income may be the bigger concern, as the 20-year-old's earnings aren't disclosed.
