Beware of Predatory Lending for Car Dealerships

This was an experience that my son and I had this weekend during our car buying process.

He is 22 years old with a 756 credit score. On his credit report, he is listed with 2 authorized user accounts, 1 credit-builder bank loan, 2 unsecured credit cards both with $10,000 limits, and a couple of student loans.

He brought $10,000 to the table as a down payment for his new car.

The dealership offered him a 22% interest rate loan BEFORE I went off on them. He ended up with a 4.5% rate when it was all finalized. Do you think this was predatory lending?

Видео Beware of Predatory Lending for Car Dealerships канала June Collier