What Your Bank Won't Tell You
May 25 2017, Leggat Chevrolet Cadillac Buick GMC Limited
We deal with them all because banks are not the same when it comes to lending criteria and rates. This is true regardless of your credit circumstances; excellent or with blemishes. Since we do this multiple times every day, we know which bank is best suited to your lending needs for the vehicle you wish to purchase. That is all that our Financial Services Managers do.
When banks compete you win.
Top Six Reasons Why You Shouldn't Use Your Line of Credit To Pay for a Vehicle
1. Interest rates fluctuate with prime which can result in variable payments. Unknown interest and unknown terms.
2. Lines of credit are designed for emergencies and investment opportunities. Don't get caught without a backup plan.
3. Many lines of credit are secured by your home; credit providers consider this a second mortgage. Default of payment for any reason allows the bank to repossess your home.
4. Lines of credit were designed as interest-only loan. Interest only payments result in long term liabilities without assets.
5. Your credit line is a demand. Your bank has the right to demand payment in full, at their discretion, at any time, with or without cause. If you do not have the cash to pay off your line they will use their "Right to Offset".
6. Our full service finance team represents all major banks and can negotiate the best terms and conditions on your behalf. Fixed term open loans save you money and allow you to trade sooner.