|
|
| *Loan,banking and credit>>>auto loan |
Is it common for interest rate on auto loans go up? |
Is it common for the interest rate on an auto loan to go up when the balance is close to being paid off? I am under $2,000.00 and I am paying more in interest now then in the beginning of the loan. Just wondering if it has to do with the balance remaining. Seems like they are trying to get as much money out of me before I pay it off. Auto finance is what I do for a living and this is not common at all. As a matter of fact car loans are simple interest and the interest you pay should never change. I would call your lender and demand a explanation, then review your loan papers and see what they say about your monthly payments. They should all be the same except the very last one. Source(s): Finance Manager for a car dealer for over 7-years. No it's not common at all. Call them and ask for an explanation. Is it a loan from CapitalOne? They are notorious for doing stuff like that. It鈥檚 not really all that common as auto loans usually have a fixed rate but if yours had a variable rate (most common in real estate) then it will fluctuate with the market. |
| Tags |
| accident insurance mortgage loan consolidation loan commercial loan auto loan fha loan payday loan unsecured loan student loan personal loan |
SiteMap--Copyright/IP Policy--Contact Webmaster--Resource of HR For personal non-commercial use only. |