I should have read the paperwork but needless to say.I got a $23,000 car loan, paid $4000 down with a $610.00 monthly payment.
The interest rate is 23%. After 2 years of paying them over $14,000 ONLY $3000 has gone to the principle. My pay off today is $20,100. So I learned a $18,000 lesson!
These people know what they are doing is why they stretch the loan out. They go after people with BAD CREDIT cause they know it will be hard for them to refinance and they can pocket all the interest. So in order to fix my problem I have to make 2 to 3 times the payment amount so the money goes toward the principle and not the interest.
CHECK OUT MY CREDIT REPORT TO SHOW THE TRUTH.YOU DO THE MATH.
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- Reason of review:
- Problems with payment
- Product or service
- Crescent Bank And Trust Auto Loan
- Review category