Submitted by Immediate-Concept920 t3_10nb031 in personalfinance
I ordered an electric truck and it is at the dealership. It's been sitting at the dealership for some time now. I am waiting for the bank to complete the pre-approved loan application, but it will take more time. The car has been sitting on the lot and the dealer is not happy because they can use the space for other cars. So, the dealer wants me to finance through them at 7%
The credit union is offering me 4%, which is significantly lower than 7%. I am just getting my financing in order because I was not told that my truck was in the lot until it was already delivered to the dealer. So I had to start the loan process when it was already there. They told me I would be notified before the truck would be shipped from the port, which did not happen.
I am told that I should just finance with them at 7% and refinance with my credit union at 4% later. I am not sure if this is what I should do? I do not know if I'm seeing the full picture. It will be a simple interest with no early payment penalty.