We dealt with a really nice loan officer who explained exactly how everything worked and though I hadn't committed yet to a car purchase, he did tell me what to look out for when it came to deals that were too good to be true from dealership in-house loan financing. By the time we made it to the car dealership, I felt prepared and liked knowing exactly what I could afford. Well, I should say what I could afford with my parents' income as backup.
Exactly as the loan officer had pointed out, I was offered what seemed to be some pretty good financing details until I asked about paying the loan off early and fees and penalties for late payments.
M & I provided my automotive loan and I was encouraged to call the bank in a year, after making timely payments and keeping my part-time job, and they would see if they could remove my parents from the loan, in effect helping me establish good credit in my name alone. 13 months later and the loan was all mine and helped to give me an enviable credit score at the ripe old age of 18.
I have used M & I in the past for checking, savings and personal loans, but found that as they grew, they also got more and more impersonal. I appreciate security in banking, but on several occasions, after being asked to show my photo ID to the same teller twice in the same visit and not being remembered from one day to the next, I opted to move my business to a smaller hometown bank.… read more