It seems one of the terms I was not told about was that for insurance you can not have a deductible higher than $500.00 on your comp or collision. Well, mine are at $1000.00. Then I realized that the terms as far as how many months, is still the same as I have now.. I also noticed that while the interest rate may be half of what I am at now my payments are still only about $36.00 cheaper?!? So I called them back and ask how this could be..
The only difference between this loan and the one I have now is the amount of interest I will pay. Meaning, if I keep my current loan, over the life of the loan I will have paid out $5000.00 in interest. If I go with the new loan I will pay out $2800.00 over the next 60 months.. But, if I also have to drop my deductibles on my insurance that means my insurance is going to go up which will then make what I lay out each month for my car between the payment and insurance even higher than what I pay now..
The Man (hubby) and I decided we would stay right where we are even with the higher interest rate because once the credit cards are paid off we are going to be doubling our car payments to pay it off quicker.. So the good deal was not such a good deal.. Things sometimes seem to ‘sound’ good sometimes but when you see them on paper…not so much…..