balloon loans are dangerous and I think the interest rate on them usually fluctuates with prime. The way the market is now I don't think I would touch it.
Not to mention at the end of your loan you are gonna owe like 5k-15k dollars which you would either have to refinance at the end of you 4 year balloon loan or pay all at once.
DONT DO IT!
Quote:
Originally Posted by valleybacker
Anyone else skeptical about these loans? What happens if you can't refinance in time at the end of the loan?
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repo and debt collectors for life
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