Question by ronpete302: should I take a 0.9%finance charge for 36 months or the 00 rebate on a new car financing 285? Best answer for should I take a 0.9%finance charge for 36 months or the 00 rebate on a new car financing 285?:
Answer by rky60
I'd take the $ 1000 Purchase Price: $ 11285 Down Payment: $ 0.00 Value of Trade/Sell: $ 0.00 Rebate: $ 0.00 Interest Rate for Loan: 0.9% Number of Months for Loan: 36 Here's the payment information: Monthly Payment: $ 317.84* Total Interest Paid: $ 157.26*
Answer by milocarrera
Take the $ 1000. In your case it's an easy choice. $ 11285 @ 0.9 for 36 months = payments of $ 317.84. $ 10285 @ 6.0 for 36 months = payments of $ 312.89. If you check around with local banks, credit unions, and maybe even the dealer, you'll probably be able to find something near 6% interest, and as you can see, I put the extra $ 1000 towards the loan balance. The net result is that you save $ 5 a month by taking the $ 1000. But there's an even better reason... Keep in mind that if you were to pay off the loan early, you lose the interest savings presented by the 0.9%. While the 0.9% has the potential to save you about $ 820 over the life of the loan (versus a loan @ 6% on the same principal), that ONLY happens if you make all of the payments over the full 36 months. If you get tired of the car and trade it, or get tired of the payment and pay it off, you lose the remaining benefit of the low interest. So the 0.9% provides only a *potential* savings, and in this case only amounting to $ 820. But the $ 1000 savings is real and immediate. ENJOY your new car!
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With Winter drawing in it is no wonder that more and more people are thinking about purchasing a new Landrover in Kirkcaldy or a new Yeti in Cambridgeshire. Obviously, the best way to pay for anything is to buy it outright but unfortunately for some this simply is not an option.
There are 3 main areas you could look at; the car dealership in house finance, securing a personal loan elsewhere, or driving a hard bargain at auction.
When financing from a showroom there are few things to keep in mind, such as the interest free options, and the all-important need 'to shop around'. Never go for the first offer or deal you see, because you more you understand about the nature of the new or used car buying industry, the more chance you have of bagging yourself a true automotive bargain.
There are many options for you to choose from such as Hire Purchase (HP). With Hire Purchase finance offers you can put down a smaller deposit compared to interest free options . Over a set amount of time, you then pay a monthly fee from anything between 3 to 5 years, and at the end of the finance contract, you keep the car.
There is also PCP, otherwise known as Personal Contract Purchase. With PCP, your initial costs are lower however towards the end of the term you must return the vehicle or pay a lump sum in order to own the car.
When opting for a personal loan, again, ensure you shop around for better deals. A personal loan will offer you more flexibility in terms of contracts, repayments, and interest rates.
If you have chosen the perfect form of financing for you, then make sure you negotiate the price down. You will be so surprised at how much you save in the long run on your new Landrover in Kirkcaldy. Before you head down to the showroom, do some preliminary research, drive yourself a hard bargain and walk away with a fantastic new car.
Suggest Finance a New Car With These Tips Issues
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