Thread: Financing M2
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      02-08-2016, 12:25 PM   #16
M3 Adjuster
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Quote:
Originally Posted by Wr3ks
Quote:
Originally Posted by M3 Adjuster View Post
Credit unions typically give better rates than banks. They also tend to be a little more lenient as they get to know you as a customer. My CU Has the same rates for new and used vehicles. I just got 1.99 for 72 months for a used car and they also will do 84 months for loans over 30k.
With Bimonthly payments and/or paying 26 times a year you really keep the interest charges low
I tend to stay away from longer loans but seeing as I'll be looking into financing an m2 for roughly $30k or even an M3 for roughly $40k I might look into this Bimonthly payments you mention.

I'd imagine the monthly payment works out to be the same as a single payment a month loan but by paying twice a month that lowers the interest rate?
Correct the amount of interest is reduced.