Cius
Honorary Master
Your interest rate is determined almost entirely by your risk profile as it is how they pay for the defaulters. There are a lot of things that factor in to risk but having a degree has a significant impact on your risk profile. Makes you more likely to be employable and to maintain a steady income for instance.
For cars it can get ridiculous. For instance if you choose a red car vs a white one it can increase your risk premium, along with age, race, etc. Had a mate get a quote after graduating on a Golf GTI he ordered. The insurance was more than the car repayment. He was a male indian, under age 25, who ordered a red GTI. It literally hit all their risk flags. He had to cancel the GTI and ordered a Volvo instead. Cut the insurance by a massive amount due to it being an "old man car".
For cars it can get ridiculous. For instance if you choose a red car vs a white one it can increase your risk premium, along with age, race, etc. Had a mate get a quote after graduating on a Golf GTI he ordered. The insurance was more than the car repayment. He was a male indian, under age 25, who ordered a red GTI. It literally hit all their risk flags. He had to cancel the GTI and ordered a Volvo instead. Cut the insurance by a massive amount due to it being an "old man car".