The Biggest Trick Lenders Use: Weekly & Bi-Weekly Payments | DFI30

The Biggest Trick Lenders Use: Weekly & Bi-Weekly Payments | DFI30 | Ep 388. Lenders sometimes ‘trick’ us by posting only the weekly cost of borrowing a loan (which is a much smaller number) than the actual monthly cost in their ads. Another scenario is when you go to buy a car and are offered a 7 or 8-year term, which stretches the cost over more years, making your monthly payments a lot smaller. 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/

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