that's standard practice for loans and mortgages. same in canada.
but my point here is that the rate he said he gave me (4.1% annual, over 8% over total loan) actually ended up being over 8% (or over 17% over total loan.
this goes beyond customers not knowing how the loan/mortgage industry works. i know exactly how they work - what they told me was a flat out lie.
at 4% it's worth taking the loan and investing your cash. but at 8% annual (closer to 9.5% annual when you factor in the processing fee) it's not such a good deal anymore.
they attempted to double the rate (the annual rate) i was paying through the back door.
___________________________________________
"Even a stopped clock gives the right time twice a day." Withnail & I
that's standard practice for loans and mortgages. same in canada.
but my point here is that the rate he said he gave me (4.1% annual, over 8% over total loan) actually ended up being over 8% (or over 17% over total loan.
this goes beyond customers not knowing how the loan/mortgage industry works. i know exactly how they work - what they told me was a flat out lie.
at 4% it's worth taking the loan and investing your cash. but at 8% annual (closer to 9.5% annual when you factor in the processing fee) it's not such a good deal anymore.
they attempted to double the rate (the annual rate) i was paying through the back door.
___________________________________________
"Even a stopped clock gives the right time twice a day." Withnail & I