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Schrödinger's Pussy
Observing a box has never been this much fun
Brainstorming in a vacuum sucks 
3rd-Jul-2007 10:02 am
Begging
Ok...here's a question for all you urban professionals!

If you have a loan (of any kind) and a company had an equal or better rate were to get your attention, what would be an incentive for you to move your loan? (Remember the rate is equal or better, so what else besides less interest would make you consider moving your loan?)
Comments 
3rd-Jul-2007 03:14 pm (UTC)
A friend's recommendation for the new bank.
Better customer service - tied for first place really, as I've had some really annoying prats managing my money that I'd do most anything to get away from.
Online tools to manage the loan.
Convenience, ease of doing the transfer.
Lower early pay off penalties if it's an issue.
3rd-Jul-2007 03:27 pm (UTC)
Remember to take closing costs, fees, early payoff penalties, things like that into account.

Also, check into the amount of interest which will be paid over the remaining life of the first loan and compare it to what will be paid total with the new loan.
3rd-Jul-2007 03:49 pm (UTC) - Don't think I qualify as an "urban professional", but can't pass up a good brainstorm!
All numbers being equal, the following would really earn my business:

- Pristine reputation
- Some place I already have business with, or could switch all my accounts to (it would all have to be competitive)
- Better customer service (one-on-one, first name basis, assigned accounts rather than random phone bank communication)
- Company does a lot for charity, the local community and or environment
3rd-Jul-2007 04:09 pm (UTC)
i moved my car loan (on the Saturn, many eeons ago) from a bank to my credit union because of the rate, and because the credit union was friendly, nicer when i f*cked up, and more convenient. they let me my car payment in two payments, via payroll deduction. they made it really easy to take care of the payoff at the bank, too.
3rd-Jul-2007 04:57 pm (UTC)
ease of doing it. i am all about not having hassle..
3rd-Jul-2007 06:32 pm (UTC)
Flexible loan management arrangements and customer service. I generally wouldn't even bother switching a loan unless the current loan was with someone who was seriously pissing me off, which means I'm looking for someone who won't, or who will make it a lot easier on me. So, having a direct deposit payment plan, or being able to pay will ebills, or something like that would be key. Also, I would want someone who didn't farm out their billing to some other company, so that when problems cropped up, I didn't have two companies making excuses and pointing at someone else.

I don't know how I'd evaluate that, except by asking a lot of detailed questions. But I suppose what would attract my attention would be an emphasis on easy, flexible payment options.

The thing that pissed me off most about one of my mortgages, recently, was this: I have an automatic payment made through my own bank's bill paying service. When the payment amount changed, which it does every year because of escrow, I forgot to change it on my payment, so when they got the payment, it was $9 different than it should have been. I would have liked to have gotten a call or an email or snailmail saying that I still owed them $9 and reminding me to change my payment amount. Instead, the bank sent back my payment, in full, without explanation, and charged me $100 late fee. I didn't even know this had happened until the next month's bill came. If I'd had an ebill or direct deposit option, this couldn't have happened. If someone had actually recognized what had likely happened and just called me, I could have fixed it immediately.

I've had many issues in the past with other lenders, this is just the most recent. All would have had me jumping ship immediately if I had been able to, to anyone who told me they wouldn't be jerks if a problem happened, mine or theirs. A small, local place would be much more likely, at least in my head, to be good this way.
3rd-Jul-2007 08:27 pm (UTC)
Punch and Pie.
3rd-Jul-2007 09:06 pm (UTC)
A pony!
3rd-Jul-2007 11:20 pm (UTC)
I like you. Can I keep you? Pretty please? It comes with perks!
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