Why would someone pay the higher interest rates when lower rates are available elsewhere?

Answers:1   |   LastUpdateAt:2012-10-15 03:30:04  

Question
Brittani
Asked at 2012-09-04 17:05:05
this is a question I have for homework . Refers to auto loans , banks , credit unions and the like .
Answer1Mike1Answered at 2012-10-15 03:28:37
Usually because they do not know there are lower interest rates , or they are so focused on other aspects of the loan , do not take into account the interest rate . MedlinePlus MedlinePlus For example , the borrower could focus on the amount of payment , and if the amount of the payment can be made low enough for his / her budget , then he or she can not so much the interest rate . MedlinePlus MedlinePlus Another example is that the borrower may be so preoccupied with getting the loan , he or she could not so much the interest rate - . Maybe he or she gets the loan MedlinePlus MedlinePlus Credit unions often offer lower interest rates , but many times , borrowers do not know they are eligible for a credit or do not realize that reducing rates usually offered by a credit union .
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