Auto Loan Bank Fees? - Is Roadloans Better?
I am in the process of purchasing a used car to replace a car with lease expiring. Active Chapter 13 with 1 year completed and 4 to go.
I was expecting to pay a high interest rate, up to 20%. When I use a loan calculator, I get that $10K loan for 48 months is a little over $300/mo, with $1,000 down. However, the dealer indicates that a $10K at $300/mo with 22% interest takes 66 months (should be $265). I tell him that it does not add up. He said there are other bank fees that the bank needs to make money. I thought interest was how banks make money on loans. He also said, "you are in an open 13, that is what you have to deal with". What are these fees?
I also have approval from Roadloans at 19.75%. Do they also find a way to jack up the fees, or I am right to expect that a 48 month term with $1,000 down will get me a car priced about $10K?
I feel the dealer is trying to rip me off. Should I expect the same with Roadloans?
I was expecting to pay a high interest rate, up to 20%. When I use a loan calculator, I get that $10K loan for 48 months is a little over $300/mo, with $1,000 down. However, the dealer indicates that a $10K at $300/mo with 22% interest takes 66 months (should be $265). I tell him that it does not add up. He said there are other bank fees that the bank needs to make money. I thought interest was how banks make money on loans. He also said, "you are in an open 13, that is what you have to deal with". What are these fees?
I also have approval from Roadloans at 19.75%. Do they also find a way to jack up the fees, or I am right to expect that a 48 month term with $1,000 down will get me a car priced about $10K?
I feel the dealer is trying to rip me off. Should I expect the same with Roadloans?
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