Quote:
Originally Posted by JA Yawd Bwoy  Oh and I notice everyone has said pay as you go, but to me it is not that easy makin 7.15 a hour to pay as I go, does it hurt to say take atleast say a 15K loan? with a 10% loan that is 16,500$, is that a bad scenario? Please don't attack I am just trying to figure out how these Loan Companies work, and like aviatorrbt, find out which one is the best if there is a best  |
Note, for the record, that I'm not telling anyone not to take out a loan - that's what you want to do, so here's some helpful information. JA threw out some raw numbers here and you need to know what you're getting into.
15K @ 10% is not 16,500 - It's 19,122.60 over the life of the loan on a 5-year (60 month) payment plan - each payment would be $318.71.
Okay, so let's say you extend that loan to 72 months to lower your payment.
Now, you're paying $277.89 per month, but the total on the loan is $20,008.
This does not include any of the origination fees and stuff that some loan companies charge.
Go to BankRate.Com and play with the loan calculators (which is where these numbers came from) to see what the real cost is of actually borrowing the money.
Good luck to you.