Interlink Financial out to help the carpet cleaners. right

[scottpeterson83]

Anyone deal with this company for their truck financing? I had a child born with medical issues and my credit took a hit with all the medical and housing issues. My credit went from 780 to the low 500's. I needed another van when mine crashed and told Interlink I was desperate to get into a van ASAP and Interlink wanted to charge me 24% interest. I got a co signer with a 785 credit score and put $5K cash down on the van and they still charged me 24%. They couldnt rush the van to me so I flew to Utah and picked it up and drove it back. When I picked up the van there was barely enough gas to get it out of their parking lot and to a gas station. I thought that was nice of them after I just bought a $24,000 truck from them. Not even a year later I got the money to pay the van off out right. Interkink said fine but we will still charge you all the interest even if you pay it off now. How is this company out to help the carpet cleaners? Go to Hathaway if you need financing.

I feel better now. Happy Holidays

 

[rhino1]

Re: Interlink Financial out to help the carpet cleaners. rig

Well, did you read the contract before you signed it?

 

[scottpeterson83]

Re: Interlink Financial out to help the carpet cleaners. rig

I guess I missed the pre payment penalty since I havent seen that on any vehicle I have purchased before but Im still young I guess. I had no choice anyways since I had no van to work with and not enough cash at the time to pick up a used rig from someone. I figured they would help me out when I got the money since they are supposedly here to help the carpet cleaners.

 

[FB7777]

Re: Interlink Financial out to help the carpet cleaners. rig

First off, Scott I am sorry to hear of the medical issues of your child, I hope those have been resolved.


I've noticed a significant difference in how banking credit is conducted these last few years.

I n defense of the lending institution a low 500 score is pretty difficult to work with regardless of the cause.


If the co-signer had been the primary , then I suspect you would have been able to secure a better interest rate. If not with Interlink, definately through another lender.


The prepayment penalty is another kick in the teeth on that note. You really signed a bad deal... sorry to hear but fortunately with youth on your side you have time to recover :mrgreen:

 

[scottpeterson83]

Re: Interlink Financial out to help the carpet cleaners. rig

I wasnt as upset with the interest rate they gave me since I can understand. I knew I could pay it off fast at the rate we were growing. I got real pissed when I went to pay it off the next year and they wouldnt let me without charging all the interest still. I just figured they would take better care of the people that give them all of their business.

 

[Ken Snow]

Re: Interlink Financial out to help the carpet cleaners. rig

First off, Scott I am sorry to hear of the medical issues of your child, I hope those have been resolved.


I've noticed a significant difference in how banking credit is conducted these last few years.

I n defense of the lending institution a low 500 score is pretty difficult to work with regardless of the cause.


If the co-signer had been the primary , then I suspect you would have been able to secure a better interest rate. If not with Interlink, definately through another lender.


The prepayment penalty is another kick in the teeth on that note. You really signed a bad deal... sorry to hear but fortunately with youth on your side you have time to recover :mrgreen:

Well said Fred- I too have made some dumb moves in my carreer. Age and experience usually comes with scars.

 

[FB7777]

Re: Interlink Financial out to help the carpet cleaners. rig

I think 24 % is a hideous rate, not sure when you signed the deal... if it was around 2008 then I can understand .


The pre-payment penalty is a complete scam , Ive never signed a note that had a prepayment penalty


They pro rate the principle and you're free and clear and they got their interest for the time of the loan.


I went to IFS website, sure sounds like they supposedly work hard to getting you the best loan.

Your loan officer should have used your co-signer as primary to lower the rate and I'm sure they have programs where you have no penalty for paying off the loan early

Lesson learned eh Scott?

 

[boazcan]

Re: Interlink Financial out to help the carpet cleaners. rig

Cosigners are pointless in this lending era, especially on a business loan. 2000-2005 was the time for cosingers. Typically cosigners are allowed but the loan is priced at the lowest applicant credit quality since this is usually (99.99% of the time) the person wanting to borrow the money.

Your prepaid or Rule of 78s loan is not legal in some states. Check your state. I am sure they have their "ducks in a row", but you never know.

Either way, good for you to pay it off so quick. This bad taste will save you many thousands of dollars from here on out on financing charges as you will be far less anxious to borrow. It hurts now, but you will be thankful later.

 

[rhino1]

Re: Interlink Financial out to help the carpet cleaners. rig

What was the point of paying it off since you were going to have to pay all the interest regardless? Why wouldnt you continue to make your regular payments and use the cash for something else, or just squirrel it away in case another emergency pops up?

 

[Desk Jockey]

Re: Interlink Financial out to help the carpet cleaners. rig

It was a bad deal but they did help you to get back up and running and to a point where you can pay them off. :|

They just don't want to let good customers like you go. :shock:

 

[FB7777]

Re: Interlink Financial out to help the carpet cleaners. rig

Its easy to see why they wouldn;t want to let him go... Let's suppose it was a 5 year note


$24,000 5 year loan @ 24% interest is $690 / month or $41,400 for 60 payments


that lending transaction was worth $17,400 in interest



cue Godfather music here .... :shock:

 

[Chris A]

Re: Interlink Financial out to help the carpet cleaners. rig

Yup, Im nearing the end of a similar ifs lease/loan. Can't wait to get this bitch paid for and save 1300 a month.

 

[Desk Jockey]

Re: Interlink Financial out to help the carpet cleaners. rig

 

[Chris A]

Re: Interlink Financial out to help the carpet cleaners. rig

Lol

 

[adamh]

Re: Interlink Financial out to help the carpet cleaners. rig

I am sure it was a lease to own. All leasing companies that I worked with want all the money for the lease. Doesn't matter if you pay it off in a year or 5. Sucks but that is how they work.

 

[Able 1]

Re: Interlink Financial out to help the carpet cleaners. rig

For a lease through them you also have the $2,600 "buy out" on top of the $17,000 in interest..

 

[Chris A]

Re: Interlink Financial out to help the carpet cleaners. rig

Mines a $1, but I think they give the option of a 10% residual too.

 

[rhino1]

Re: Interlink Financial out to help the carpet cleaners. rig

$1300 a month, is that for just 1 truck?

 

[Art Kelley]

Re: Interlink Financial out to help the carpet cleaners. rig

Sorry to hear that Scott. 24%. God. They got you good. That's usery. Mob loan rates. I got ****** good on a siding loan for my house when I was young, and I had good credit. I didn't even read the contract. The salesman said it was for "nine dollars on the hundred." Only later, much later, did I read it was 18%. I called him and he said that's what it is. Asshole.
On the bright side, that will never happen again. Sometimes it's good to learn a tough lesson.

 

[Chris A]

Re: Interlink Financial out to help the carpet cleaners. rig

$1300 a month, is that for just 1 truck?

Chevy van/hydramaster cds

 

[Bob Foster]

Re: Interlink Financial out to help the carpet cleaners. rig

All leases expect the interest to be paid as if the lease went full term. Loans don't usually however some loans do have balloon payments. Lease may have been written for the benefit of the lender in order to retain title to the chattel.

http://en.wikipedia.org/wiki/Rule_of_78

 

[rhino1]

Re: Interlink Financial out to help the carpet cleaners. rig

$1300 a month, is that for just 1 truck?

Chevy van/hydramaster cds

wow. Thank god all my junk has been bought by cash money. Course I don't have anything new or pretty but nobody seems to mind

 

[Chris A]

Re: Interlink Financial out to help the carpet cleaners. rig

Tell me about it. I bought a 4 year old truck with a barely broken in slide in for under 20k (including repairs), and it looks and cleans just as good as the other one. I borrowed for that one too but took a conventional loan this time.

 

[ruff]

Re: Interlink Financial out to help the carpet cleaners. rig

All the legalities aside and yes a low credit score justifies (to an extent) a higher interest %, as there is a higher risk of default.

However, having him pay interest after paying the entire loan is both Usury and Unethical. There is no risk involved for them any longer.

Yes, there is a lesson to be learned.

However, usury is usury, and greed is greed.
Do not support these kind of companies.

 

[scottpeterson83]

Re: Interlink Financial out to help the carpet cleaners. rig

I had the money to pay it off but didnt when they were still going to charge me all the interest. Last year we grew from 1-3 vans so that money went to 2 other vans. It was def. a lesson learned. I did find out that most states have non profit organizations that lend money to small businesses whose owners cant get reasonable loans due to credit. They look at the business and at the situation that happened. In my case my business was making good money and we just ran into personal hardship that affected my credit. We went asking for $25000 and they approved me for up to $60,000 if I needed it at a 7% locked rate for 5 years. You guys may want to look there. They also put on free classes for accounting, marketing, business growth as well to make sure your company continues to grow. Its smart for them so they can make sure they get their money back.

 

[Mike Draper]

Re: Interlink Financial out to help the carpet cleaners. rig

Anyone deal with this company for their truck financing? I had a child born with medical issues and my credit took a hit with all the medical and housing issues. My credit went from 780 to the low 500's. I needed another van when mine crashed and told Interlink I was desperate to get into a van ASAP and Interlink wanted to charge me 24% interest. I got a co signer with a 785 credit score and put $5K cash down on the van and they still charged me 24%. They couldnt rush the van to me so I flew to Utah and picked it up and drove it back. When I picked up the van there was barely enough gas to get it out of their parking lot and to a gas station. I thought that was nice of them after I just bought a $24,000 truck from them. Not even a year later I got the money to pay the van off out right. Interkink said fine but we will still charge you all the interest even if you pay it off now. How is this company out to help the carpet cleaners? Go to Hathaway if you need financing.

I feel better now. Happy Holidays

My friend signed a lease with them at the same rate or higher. He was very desperate, and of course he didnt read or listen to them explain this to him at signing, he also completely missed the part where in his second month or so he had to come up with another few thousand, he got what he asked for, the shaft and a crooked lease. on the other hand, they didnt force him into the lease so it was really his fault.

 

[Shane Deubell]

Re: Interlink Financial out to help the carpet cleaners. rig

Would you lend $25k unsecured to a carpet cleaner?

Nobody is out to help anyone, this is business. Not fair to complain and call someone out after they solved your problem.

 

[Jim Martin]

Re: Interlink Financial out to help the carpet cleaners. rig

been there..... done that..and it will never happen again.....

 

[ruff]

Re: Interlink Financial out to help the carpet cleaners. rig

Would you lend $25k unsecured to a carpet cleaner?

Nobody is out to help anyone, this is business. Not fair to complain and call someone out after they solved your problem.

The loan was secured with a co signer. In addition, it had over 20% down payment.
And it is usury and unethical to charge these rates and definitely after complete payment.

Did he make a mistake?
Possibly.
Are they unethical?
My opinion- absolutely.

Besides with you kind of logic Shane- "Nobody is out to help anyone, this is business" they should be absolutely delighted.

 

[FB7777]

Re: Interlink Financial out to help the carpet cleaners. rig

The biggest thing I got out of a 4 year college degree program was a statistics course that discussed amortization tables.

They really should teach financial lending , the negative effe t of compounding interest over long term loans in high schools

It should be a requirement to graduation IMO.

It's a heck of a lot more relevant to your prosperity in life than Earth Science