Originally Posted by
myles
I can see how that would be a more flexible way to do it - it's just that these 60 Month loans are being paid back, on average, in less than 10 months. I find it difficult to see why you wouldn't take the loan as a 36 Month loan and pay less interest - surely you would be able to make the slightly higher monthly payments if you have the ability to pay it off in 10 months?
Having said that - most of these are probably re-writes, so they aren't being paid off, just re-negotiated...