Tori and Scott have applied for an $8,000 installment loan to pay for a new car. They are told that the loan is approved and the lender fills out all the paperwork, which states that they will pay an annual percentage interest rate of 12.3%. Tori and Scott signed the loan papers. The next day, they find another car dealer who will sell them the same car at the same price but with an interest rate of just 9%. They do not live in a state that has a cooling off period for auto loans. What are their options?
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Home » Business » Tori and Scott have applied for an $8,000 installment loan to pay for a new car. They are told that the loan is approved and the lender fills out all the paperwork, which states that they will pay an annual percentage interest rate of 12.3%.