While you are requested a financing commission, an effective “pre-approval payment”, otherwise things aside from a downpayment before you can rating the loan, it’s likely that you are writing on somebody who isn’t toward right up and up. By the way, down money go to the merchant, maybe not the financial institution.
Legitimate loan providers make their money off of the focus because you pay off the loan. Individuals obtaining an amount of money off you up front – most likely – isn’t really attending hold out on put off satisfaction of this event attract payments. They’ll bring your “prepayment charge” and never come through on financing.