Question by Anthony D: My car loan = k @ 7% rate, I want new care dealers 0% financing, and have 7% paid w/ 0%, is that possible? Buying a new car, need advice on how to present case to dealer I don't want trade in value of existing car put towards purchase price, instead I want the value of my trade in put towards my higher interest loan and the whole purchase price of the new car at the promotional 0% interest rate. Best answer for My car loan = k @ 7% rate, I want new care dealers 0% financing, and have 7% paid w/ 0%, is that possible?:
Answer by Sage
Presuming I understand what I think you're trying to describe, which is that you want to buy a new vehicle for 0% and, rather applying the value of your trade-in toward reducing the balance due on the new vehicle, you basically want to "pull cash out of the deal" that's basically a 0% loan, correct? If you otherwise qualify for 0% financing and it doesn't change the fundamentals of the deal to such an extent that the loan-to-value ratio becomes unacceptable, you shouldn't have any problem whatsoever. In fact, I've done the same thing. While you may need to be able to explain yourself to the dealer so it can do for you what you want, it's not the dealer you'd need to convince of anything, it would be the lender; and all the lender cares about is your creditworthiness and the fundamental soundness of the loan. If I understand you correctly, you really just want to buy a new car with 0% little or no money down and the dealer to pay you cash directly for your trade in. If so, it's no more complicated than that. The only mitigating factor would be if you happen to owe any money on your existing vehicle. If you do, the dealer would pay-of that loan first and then give you the proceeds. You have to be very careful though to not run afoul of sales tax complications. Depending upon how your state interprets such matters and how closely the dealer is willing to walk to the fine line of tax laws, since the dealer's trade allowance is being removed from the transaction rather than paying-off the loan or being applied to he new vehicle, that money may not reduce the purchase price for the purpose of determining how much sales tax you have to pay for the new car. If this is the case, you can wind-up paying a pretty hefty amount in additional sales tax that might offset any additional benefit from the difference in interest rates. Best of luck. I hope this helps.
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If you are not one of those people who believe in cash for buying a car, you need to keep yourself updated about financing of a new car. Most people who plan for a loan usually take precaution if they can get the minimum interest rates while choosing a loan. Let us understand how many ways we can get a car loan in and what the options available are. There are basically two ways to get a car loan. First, you choose to take loan from the car dealer itself and second, you opt for a renowned bank or financial institution.
Taking a loan from a dealer usually involves an easy process. The main focus is on the convenience here. While opting for a car model, car dealer asks you if you want to apply for a loan as well. If yes, they process the loan quickly and you can finance your car easily. The main drawback of this approach is the interest rate a dealer will offer. Usually, dealer will cover their margin if you have negotiated too much about a car cost and seem to have gotten a good deal.
First time buyers usually do not have much idea about this and that is how they end up buying a car with an average deal. So, before you plan to finance your car from a dealer, try to negotiate about the car price first without giving them a hint that you want to opt for a loan. If you seem to have a good deal, you can negotiate on interest rate further.
Renowned banks and famous financial institution offer a good interest rate and they do not generally negotiate on that. While choosing to finance your car from a bank, you must keep these things in mind.
1. Is the interest rate offered by bank the best one? 2. Can you further get a minimized interest rate after offering collateral? 3. What are the payment processing fees? 4. What is the payback duration?
If you can make all your payments in a shorter duration, you can save huge money on your loan as well. A little research about loan online will help you a lot in getti ng the best deal.
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