Season 8 · Episode 388
388 – The Biggest Trick Lenders Use: Weekly and Bi-Weekly Payments
Debt Free in 30 · Doug Hoyes
February 5, 202231m 20s
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Show Notes
Lenders sometimes 'trick' us by posting only the weekly cost of borrowing a loan (which is a much smaller number) than the monthly cost in their ads. Or they offer you an 8-year term on a car loan, which stretches the cost over more years, reducing your monthly payment, but increasing the total interest you pay. In both cases, the lender 'wins' by getting your sale and you end up owing a lot more than you originally planned for. So how can you avoid falling for lender tricks and approach offers more with a more critical eye? That's the discussion on today's podcast with guest Scott Terrio and host Doug Hoyes! Tune in.
Links:
Scott Terrio on Twitter: https://twitter.com/ScottTerrioHMA
How Car Loans and Loan Rollovers Lead to Insolvency https://www.hoyes.com/blog/how-can-car-loans-lead-to-insolvency/