I signed a loan agreement, now they want to change it?

Ouch, a 6 year loan on an used car. That is painful just to hear.

This is common with these pay here buy here places.

They let you walk out without securing financing.

For this they charge dearly for the cars they sell. You overpaid for the truck.

How old is this truck? If it's less than 5 to 7 years you may be able to re-finance it.

Credit unions give the best rates for this.

Also your credit will matter. Banks usually don't deal with super high risk people.

It depends on the wording of your contract. Many dealerships these days allow the purchaser to sign a loan document that has a clause in it providing for changes asked for by the lender since the lender had not made a final decision on the loan. There would also be a clause in the same paragraph or near-by that would show the rental of rate of the car per day if you decided not to take the final terms as presented by the lender and returned the car instead. I have noticed that this is the practice of many "credit re-builder" dealerships and even a few of the reputable dealers employ this practice. I have noticed with talking to friends and other buyers that the terms often change if you purchase the car on the weekend since many of the specialty lenders aren't open on the weekends to finalize the loan.

You are SOOOOOOOO LUCKY.

Say "no, thank you" take the truck back today.

you need to learn to make better financial moves and you are so lucky that loan company is actually allowing you to.

You purchased a USED car and financed it for 6 years = you would still owe money on a car that would be worth pennies. It would be horrible and based on the terms that you have listed, I would guess the interest rate would be though the roof.

- What this means is you would be stuck with an old car that you could not sell because you owed money on it.

Next time when you purchase a car, think about what the transaction means. Not the payment amount.

Correction, you signed an APPLICATION, not a loan agreement. The bank did not approve the loan, you ARE on the hook for the price of the truck. I don't consider it ethical, but what happened is legal, and common.

Legally, once they let you off the lot, your contract is legaaly binding when you signed. Its their mistake if the finace wasn't in place. You do not have to accept the changes.

If there is a legal agreement, then they can not change that.

unless it plays on your advantage, do NOT sign anything and do NOT change anything.