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The credit union s loan rate is lower, but other financing gives me lower monthly payments. Why is that?

April 26, 2017Credit Union financing gives loan lower PAYMENTS rate s

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The credit union s loan rate is lower, but other financing gives me lower monthly payments. Why is that?

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It could be for any number of reasons, you are probably getting a lower monthly payment because you are stretching out the term of the loan. (ie: You are making more payments over the life of the loan) Before getting sold on a lower monthly payment, compare apples to apples. There may be some serious downsides to a loan that on the surface looks unusually affordable. And be sure to investigate the payment-lowering options at your credit union Chances are, we have an option that will fit your budget, and won t beat you up in the long run.