Brag or Beat: Just bought a 2007 Yaris

[Rapidtransit]

[ QUOTE ]
A question for all,

Let it first be known that I am mentally retarded when it comes to anything finance related.

If what he did was so bad and he would have been better off getting a loan from an independent bank to pay for this car, couldn't he still do this? Do you still get charged the financing over 5 years if you pay off the car right now?

[/ QUOTE ]

He's probably not going to be able to do much better from a bank interest wise due to his age and the like. Typically a car dealership will work with a few loans and can always get a better rate then you can from a bank. That being said, they almost always raise the rate for you, as a middleman fee. IIRC in Massachusetts they are allowed to do this up to 2%. It is possible he may be able to find a loan and save this 2% but I doubt it due to age.