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| 05-12-2008, 05:06 AM | #2 |
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Lieutenant Colonel
 
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Rep 1,592
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I looked at it. It seemed like it was kind of like a lease, but without the option to just give the car back at the end of the term. Instead you owe a large balloon payment at the end. To come up with that payment you have to either save it up while your paying the smaller payments or refinance the remainder at the end of the loan. In both cases it seems to me it would make more sense to simply take out a longer term loan in the first place to get your payments down. The only time this "Payment Saver" would make sense is if you had money tied up in stocks or property that wasn't liquid right now but that you knew would be liquid by the time the balloon payment became due.
If all you're looking for is lower monthly payments then you're probably better off just getting a longer term loan or leasing instead. Dan |
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