<prompt> Human: I had applied for a car loan through a credit union and had been approved but they never really sent me the details besides letting me know that I was pre-approved. We had discussed potential APR and term of loan during the initial call while I was applying and they informed me a lender was going to get back to me. I got tired of waiting and called and was informed that I had been approved and I was given the lowest rate but then they told me they were going to have to add a whole point to the loan because the car was over 5 years old 2010. Is this a common practice? I have asked a few other lenders prior to applying now and I cant get a straight answer.  <response>: Yes, its common. Many banks and credit unions know what happens when a car breaks down and stops working and isnt worth repairing: the person stops paying. A higher interest rate helps them with the additional risk.Anyway, just pay extra and get it paid off early and avoid all that interest. 