My Bank Gave Me A LOC Today...Im Not Impressed
Lets say that I use $7,000 to buy a motorcycle, at 5.4 that would be $384 interest in a year. That doesnt sound bad but thats not the way it works. My payment would be more than $500 monthly and its an obligatory payment, I always assumed that I would not have to make a payment monthly but could just pay off the money in one lump sum + the $384 in interests.
I should just finance the motorycle from the dealership in this scenario. Btw there would be a $35 late charge if I dont pay my LOC monthly payment on the day indicated.