General Equipment Financing
Sun ,20/12/2009Question about finance
How does the finance person from the dealership I bought my car make his money?
Here is the deal. I kind of got taken from a shady Persian gentlemen who did the financing for me at my local Honda dealership. So he got me for a higher interest rate, lied to me so I would purchase stuff like extended warranty and gap insurance. My question is this: Based on my original loan the total loan amount of my interest would have been like $12,000 spread out over six years. But I went ahead and paid a large portion of that down and refinanced with a third party – therefore reducing the total interest to something like
$3500 over four years. So here is my question. Does this dishonest finance guy at the dealership get a cut of the original $12,000 and get his money up front? Or will he only get a cut of the total amount of interest I paid on the original loan which was about $1300? I want to know if by refinancing through some other lender if I took money away from him that he was expecting would come to him based on the terms of the original loan?
There are some types of equipment that do not fall into any of the categories like agricultural equipment, automobile equipment and so on. Such equipments are categorized in the common heading General. General equipments help you improve your business or expand your business. However some of them may be expensive and so you need to go for general equipment financing to fulfill your needs.
There are various typ (more…)