View Single Post
Old 04-02-2013, 11:32 PM   #466 (permalink)
aniceh
A True Z Fanatic
 
Join Date: May 2012
Location: Parts Unknown
Posts: 7,216
Drives: '12 GM 7AT S/T
Rep Power: 41
aniceh has a reputation beyond reputeaniceh has a reputation beyond reputeaniceh has a reputation beyond reputeaniceh has a reputation beyond reputeaniceh has a reputation beyond reputeaniceh has a reputation beyond reputeaniceh has a reputation beyond reputeaniceh has a reputation beyond reputeaniceh has a reputation beyond reputeaniceh has a reputation beyond reputeaniceh has a reputation beyond repute
Default

Quote:
Originally Posted by dmhenderson View Post
I mean think about home refis. You do it because A) you get a better interest rate at the cost of a longer loan term B) You're going to lose your home and are willing to take a long-term loss to save your investment or C) You need to free up equity.

Now think about this in terms of a vehicle. The bank will tell you they get nothing out of it but how does that make sense?
There's no way they get nothing out of it, but if you go to a new bank who can now borrow funds at a lower rate due to the Fed, they'll get something out of it, you might get something out of it, there's pretty much never a prepayment penalty on auto loans, everyone wins except the bank you left. Banks are perfectly willing to screw one another to get your business.
aniceh is offline   Reply With Quote