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
fj12ryder wrote:DownTheAvenue wrote:I would think that 4.75% on $27,000 over the life of a 10 year loan is going to be considerably more than $495. My calculations show that it amounts to over $1200 in interest in the first year alone.fj12ryder wrote:DownTheAvenue wrote:Might want to recheck that math.cchristanis wrote:
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 301 about $27k. it's in excellent condition at ballards camping center in hamburg ny. They want to charge me $495 for processing/closing fee. Wth, it's not a house. is this negotiable? Or any chance they would waive it? I have excellent credit.
They will not waive that fee, and that is why they can advertise a very favorable interest rate. This fee, if expressed as interest on your loan, would be 4.75%!!!!!
That math is quite accurate
Maybe I'm misunderstanding your thrust.
Would actually be closer to 4.9%
Total interest in the original quote would be 6,721.
4.9 would be 7,209. Delta is 488.
