Surcharge for car loan

[Kakoyi]

Anyone here know if theres a minimum surcharge for bank loan.

 

I took a 20k loan over 2 years and I was charge $200 through a finance broker because he says minimum car loan is 30k. He also said it would be reflected in the bank statement. But when i receive it i did not see such surcharge on the statement. Would anyone here with experience please clarify

 

thanks in advance

[Incom]

Anyone here know if theres a minimum surcharge for bank loan.

 

I took a 20k loan over 2 years and I was charge $200 through a finance broker because he says minimum car loan is 30k. He also said it would be reflected in the bank statement. But when i receive it i did not see such surcharge on the statement. Would anyone here with experience please clarify

 

thanks in advance

 

Dealers charged this type of fees if you borrow less than minimum loan amount, this is cover the their loss of commission from the bank. Normally this amount will be calculated and stated on the invoice.

 

This practice is common when banks are more relax on car loans.

 

Cheers