Lazy borrowers
So one of the things I am noticing more and more these days is how lazy people are when it comes to getting a loan. In particular I see this phenomena in auto lending then others but I see it in mortgages too.
When I bought my car I called 8 different banks/credit unions/dealer financing to figure where to get the best loan. How many of you are meeting people like this?
"How much did you pay for your car?"
"its 300 dollars a month"
"Yeah but how much did you pay?"
"300 dollars a month"
"whats your interest rate?"
"I dont know, i pay 300 dollars a month"
Sound like I am exagerating? I am not. More and more people go into dealerships and say I want that car and I can afford 300 dollars a month. They dont know how much they are paying or what rate or what the term is many times.
Is this the lender taking advantage of you or you just being lazy? I see it in the mortgage market where people rely on a broker to get their loan versus calling banks themselves. I don't get it. Am I wrong in my thinking?
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