Posted: 7/20/2008 10:33:54 AM EDT
| What's the catch when car dealerships offer 0% APR? Other than needing great credit to qualify, what are they hiding? |
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If you are not sure, go in there telling them you are financing through your personal bank or credit union. Dicker down your price, then ask about the 0% APR. I have done that and the price didn't change. Also no problem in the fine print. Have already paid off that vehicle and saved about $3500 in interest. |
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I have purchased Chevy products with the zero percent offer. I still negotiated the vehicle to the dealer invoice (below MSRP) and then qualified for the zero percent. Admittedly you must have good credit, but is is a way to move the vehicle. Paying cash is good sometimes. Paying no interest is good sometimes. Paying a lot of interest is bad almost always. |
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Just save up enough cash to buy what you want. Go in and pretend to be ignorant when it comes to financing, let them think they're going to screw you with a high interest rate. Use that to negotiate a lower selling price, but insist on no penalty for paying off the loan early (just in case I win the lotto, duhr). Make the deal and pay off the car with your first loan payment. |