About A Loan With This Crappy Bank

Derrickj | Jan 15, 2019 | 1 posts since 2019

Has anybody ever heard of a loan like this I purchased a 2017 Ford f150 a year and two months later I come into some money and I went to pay it off cash they charge me 84 months of interest on a year-and-a-half loan is that even legal please get back with me thank you

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Answers

AnnO | Jan 16, 2019 | 129 posts since 2018

We don't know what bank you're talking about.

Read the "Precomputed interest" section on https://www.moneyunder30.com/pay-off-your-car-loan-early . There would have been something about this in the fine print you agreed to when you signed up for the loan.

RJM | Jan 16, 2019 | 499 posts since 2011

Most loans are simple interest but apparently yours was not.

That is more common on subprime loans.

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