Back when I was just 18 and finally old enough to get a loan for a car I jumped at the opprotunity to get a $5000 loan, did not look at any paperwork just signed my name with a great big smile on my face. Little did I know this loan was carrying a 29% interest rate, and by the end of it I ended up paying around $12,000 for the car. A costly lesson, but a lesson none the less. Always make sure you know what your getting yourself into with any type of loan.
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I have been in the same
I have been in the same situation. Dont sign for a loan just because you want the item you are going for. Make sure you can afford the item first I would rather do with out then get into so much debt. We signed for a loan at 28% interest just because we really wanted a motor bike like our friends. We have regreted ever since. But it was a learning experience. We have never done a thing like it again.
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