essexcredit charges $459 loan fee
For those of you who have financed with essex (or other companies), did u pay a closing/processing fee? Just got approved for a loan today at 4.59/10 yrs (it's the American way :) for a 2013 torque 30...
Forum Discussion
Under "truth in lending" federal law any fee for closing a consumer loan must be included in their annual percentage rate "APR" quote. They should give to two interest rates 1) the simple interest earning rate and 2) the APR which includes the earning interest plus any closing costs other than legal filing fees. The APR is what you should use to compare other creditors rates.
If they are not quoting an APR they are in violation of federal law and I would not do any business with them.
The only problem is that the APR is based on you loan paying out over the predetermined term. If you plan to pay the loan off quicker the APR would actually be higher.
Dave
If they are not quoting an APR they are in violation of federal law and I would not do any business with them.
The only problem is that the APR is based on you loan paying out over the predetermined term. If you plan to pay the loan off quicker the APR would actually be higher.
Dave
