Consumer credit choice auto loan
Editor’s Note: This article might help you understand the workings of a yield spread premium. For every 1% difference in interest rate the “cost” of the loan to you goes up 19%. Now if you look at it from the point of view of the “lender” that means the “value” goes up by 19%. That means, on a $100,000 loan an increase of $19,000.
So if you have a $100,000 loan and you qualified for a 5% loan, then a smooth-talking mortgage broker or mortgage originator might get you confused enough to get into a loan that looks better but ends being worse.
The result might be that you pay a 10% rate when the loan re-sets. This increases the “cost” of the loan (oversimplifying here for the purpose of education) to the borrower and the “value” of the loan to the “lender.” How much? 19% for every 1% increase, so in our example here, to keep it simple, the cost to you on a $100,000 loan is increased by 19%x5=95%. So you will pay $95,000 more for that increase. And the lender will get $95,000 more for their “investment.”
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Jan 21, 2008 by SaL B | Posted in Credit
I am interested in getting Auto Loan from them. but i am not sure if they approve me for the car i want, they might put me in some piece of crap since my credit is not good. I only want $14000 for 2002 camaro. Is consumer credit Choice reliable like you see on TV commercials?? Do you know if they really approve you when your credit score is not good?
Dont know. i always save for my next car and pay cash for good used ones.
Nov 10, 2007 by blackpplrblessedppl | Posted in Credit
Has anyone ever heard of Consumers Credit Choice auto loan for people with bad credit? Has anyone been financed throught them? What are the expectations? Anything I should be aware of?
Try checking them out with with the BBB. I have gotten things in the mail from them, but they were just to any box holder not to me in particular. That should give you any information if they have anything to worry about with them.Sometimes it might also give an overview of the companies expectations. Good luck, best wishes.
Apr 05, 2011 by | Posted in Mathematics
ALL MY ANSWERS HAVE ***** NEXT TO THEM. I'M NOT TO SURE(ESPECIALLY NUMBERS 3 THROUGH 7) AND JUST WANT TO DOUBLE CHECK. THANKS ( : 1. Which item cannot be used to secure a debt? (1 point) house car record collection credit card****** 2. Which type of debt is secure? (1 point) mortgage***** credit card personal line of credit revolving credit line 3. Secured debt usually has _____. (1 point) longer loan terms …
They are all right IMO