How is Southeast Financial?
Anyone use them? Any feedback about them would be appreciated!
Forum Discussion
SabreCanuck wrote:avvidclif1 wrote:
I would add a note to that. There are over 1000 ways to figure interest. I don't go by the rate but the monthly payment. I tell them the size of the loan and the term. I get a monthly payment that I can compare to another monthly payment. Many times you will find the lower rate has a higher payment. It's all in how the interest is figured.
I agree whole heartedly with this post. Two things to consider:
1) Monthly payment.
2) Balance at end of 3-4-5 years?
You will find quickly how one interest calculation can affect the balance.
Things are getting confusing here. Using the same loan amount and the same APR and the same number of months will always result in the same monthly payment. You can only calculate it one way.
You must use the APR, not the 'interest rate'. APR includes all those mystery add-ons. If you know your loan amount and the term, just plug in APRs from the various banks/credit unions.
The trick is to use the same numbers. Need to compare apples to apples.
