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Originally Posted by UNKNOWN_370
Guys do we really have DISSECT the logic of the sale. My payments are structured in 6 years for the lower rates and then I pay down to 3. Its the smartest way to go. I structue it that I make the pyment on my middle of the month check and pay an equal payment 2 weeks later.(principle-only).
They tell you you pay more but get a better rate when you do short-term loans. But if you do the math. The 6 yr is best. Then make double payments. 2.5 is an approx. The second payment is purely to the principle so I'm sure it will pay down in less.
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Actually, the best rates are available on shorter loans. Longterm loans are riskier in the banks point of view. 3-5 years would get you a better rate.
4 years in car sales has taught me that, and so has having a finance director for a father lol