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:
How can you figure the total interest without knowing the yearly/monthly payment amount? Higher payments toward the principal initially will lower the total interest paid.
What "Would actually be closer to 4.9%"? And what is Delta?
Inquiring minds want to know. :)
Go to any payment calculator and use the given information the OP provided (4.59%, $27,000, 10 years). If you only made the required payments (i.e. no additional principle), you will have paid $6,721 in interest over the life of the loan. Adding in the $459 loan fee nets $7,180.
If you use the same information, only substituting the interest rate for 4.9% and no loan fee would be $7,209. So you can see where the lower interest rate plus the fee is the approximately the same as paying a higher rate.
Delta = change
