REVscene Automotive Forum - High Interest TD Bank Car Loan upsets car buyer

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Quote:

Originally Posted by El Bastardo (Post 8396897)

Disagree. I come from a small town where transit service ran twice a day. A car was a necessity unless you lived in the urban area itself, and even then you could be walking a half hour or so across town to get to work. In the summer, not such a big deal, but we know how wet B.C. is when its not August or September. Couple that with having children and taking them with you to run errands if you can't afford a sitter, and extended trips by foot (where transit is not an option) are a real problem.
There IS a real need for a car at times. Just not a brand new one.

May disagree, but before the car was invented the world still rotated and people still worked.
I came from Penticton and there was a very limited transit system there. Did a lot of walking, but still worked just fine. It may mean that to get to work by 8am you may need to leave by 5am to get there but such is life.

Every one of these people that are complaining about the rates are people who have made very poor choices with there money or in life and have caused themselves hardship. Now they make ANOTHER poor decision by buying a car that is far out of there price range because they want one.

You can get a car for $500 or less these days, ride sharing, ask a friend, and all other kinds of ways to get a mode of transport to get around. May not be flashy or nice but it will work.

Quote:

Originally Posted by BoostedBB6 (Post 8397114)

You can get a car for $500 or less these days, ride sharing, ask a friend, and all other kinds of ways to get a mode of transport to get around. May not be flashy or nice but it will work.

100% agree. I had a 87 Chevette about 10 years ago that I drove 200km a day round trip to work and back. It served me well, cost me $300, and I got the same $300 when I sold it when I was done with it.

If your car is a money dump, take a look at how much you're pouring into it. If you need to, pick up another car instead of spending gobs of money on something that was clearly unreliable from jump.

you guys need to realize that in some provinces (alberta) car = job.

Believe me I'm learning that the haaaaaaaaard way.

I think a possible end result from this, if it gets big enough, would be Canada changing the laws regarding sub prime car loans.

After that, they just screwed themselves out of even a possibility of getting a car loan with their credit and can forget about buying a car.

Also from experience, it seems like it may be true that banks may find it "not worth the hassle" for a loan that's too small. When I bought my Mazdaspeed3, I went to TD for finance. I wanted a $5k loan at first and they gave me a 16% loan rate. I thought, what the hell, that can't be right. Even the lady helping me at the bank thought it was absurd. I increased the loan amount to $8k and it returned a 5.5% interest rate. It makes no sense as I just paid the extra $3k off right away.

EvoFire ... I agree with you completely, the best case outcome for the people complaining is legislation that will ban subprime car loans. And guess what? The people that previously managed to secure a subprime loan will no longer be able to secure a loan at all. Ultimately, that's probably the best case for the state of the nation but these people need to be careful what they complain about...