If you have any complaints against 1-800 Loan Mart or any other "pink slip" automobile loan company, please feel free to blog on this site
1 comment:
Anonymous
said...
I called them to see what type of rates they are offering. I come to find out that in they are charging over 120% (more than 10% per month) on a loan they quoted me. Do the math. PV = $3,500; N = 2 years compounded monthly (24 months); with a quoted payment of PMT = -$399.00 (input with negative because it is what you pay out of pocket on the loan monlty; and the interest is i = 10.32% monthly time 12 = 123.85%. After two years, you would have to pay to them back $3,500 dollars that I borrowed and an additional $6,076.06. I could get a better rate and payment structure from my street corner loan shark.
1 comment:
I called them to see what type of rates they are offering. I come to find out that in they are charging over 120% (more than 10% per month) on a loan they quoted me. Do the math. PV = $3,500; N = 2 years compounded monthly (24 months); with a quoted payment of PMT = -$399.00 (input with negative because it is what you pay out of pocket on the loan monlty; and the interest is i = 10.32% monthly time 12 = 123.85%. After two years, you would have to pay to them back $3,500 dollars that I borrowed and an additional $6,076.06. I could get a better rate and payment structure from my street corner loan shark.
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