Interest rates
What kind of interest rates did you get? Did you get your own or did you use the dealers? thanks
Forum Discussion
mileshuff wrote:OutdoorPhotographer wrote:
If you are going to borrow, and I agree with posters above that it is best not, please at least get a short term loan. They may push a loan with 10+ year terms but you will be upside down forever and pay a substantial amount in interest even at a lower rate.
In most cases you can pay more per month than the minimum. The term only sets the minimum you must pay each month. IOW's, if I can get a 2% 15 year loan or a 2% 5 year loan, I'll take the 15 and pay what I choose to each month.
That's true but a dealer will also try to negotiate using payments rather than price. That would be one argument for using a second party, probably credit union. You also need to make sure you budget the payment based on a shorter period of amortiation.
