How is Southeast Financial?
Anyone use them? Any feedback about them would be appreciated!
Forum Discussion
avvidclif1 wrote:
Ok, ask if they calculate the interest on the daily balance, average daily balance, beginning balance, or ending balance each month. Can you see the difference it would make? Guess which generates the most interest? Those are just 4 variations, there are more.
I disagree completely.
I think those variables you have listed would all change the APR. That is why it's important to ALWAYS ask for the APR.
So I still say - If you know the amount you want to borrow, you know the term (how many monthly payments), AND YOU KNOW THE APR, then the payment will always be the same.
You need to tell the various lending institutions the first two numbers and ask them for the APR they will give you. Then you can compare.
Many folks make the mistake of asking about the 'interest rate' available. You want to ask what 'APR' is available. If you notice when looking at rates on-line, many times there will be an interest rate stated and then the APR right next to it - and they are different.
