Tell me something about this truck financing
I just bought a truck last Feb. for $18,153, and under the financing term
I have to pay it in 30 month's at 793.57/mo.(I think this is 22% / year)
Now, 2 month's past I got a loan for only 12 %.With this very low
interest I've decided to pay off the truck using the 12% loan interest.
So,I called "company 22% " to ask them how much is my balance if I
payoff the truck. ( take note,I have already paid the first 2 month's
intallment at $793.57/mo.or a total of $1587.14)
They told me that my balance is $19,609 until the first week of May only,
or an interest of $1,456 in 2 month's.
Now my question is,is this a fair deal?
- The amount you now owe is more than the amount you originally
financed! That should be impossible if your loan was written by any
normal financier.
Of course, since your rate was 22.325% (according to my loan
calculator), which is extremely