If I pay the rest of what I owe 3 years early, shouldn't the total amount be cheaper than what it would be if I were to follow through with monthly payments for a full 5 years?
I went through Bamboo premium financing and they said the total amount that I would owe for 5 years would be $3720. I've been doing monthly payments of $62 for the last 2 years. I now want to pay off the rest of what I owe with one payment. The agent told me that if I wanted to pay the rest off than the total amount would be $2200. I was under the impression that if I paid it off early than it would, by default, be cheaper. Am I wrong?
Edit: Thanks everyone! I was reading through the terms and agreements and I overlooked something important that somebody pointed out in the comment section. I'm pretty sure I'll receive a refund after I pay it off.