0% Financing for 84 Months
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Anonymous
| My car was totaled recently. I need to purchase a new car quickly but i have no experience buying cars. I see these financing deals at various dealerships. What does it actually mean and should I look at a lease instead? |
Anonymous
| 84 months is 7 years. Do you really want to be paying for a car for 7 years? |
Anonymous
+1. 84 months? Wow! |
Anonymous
| It means you will be paying off your car for 7 years assuming you qualify. Buy a car you can afford and pay off comfortably in 3-4 years. |
Anonymous
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If it's 0% who cares? Right?
-NP |
Anonymous
Really. |
Anonymous
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FYI you’ll only qualify for that rate if you have excellent credit - otherwise there may be a bait and switch later (shorter term and/or higher interest rate)
IF you’re buying a car that holds value well the 84 months thing isn’t terrible and as long as there’s no prepayment penalty (there usually isn’t with cars) you can always pay more if you want. If you’re getting an Audi or Porsche you’ll been underwater (ie you’ll owe more than the car is worth) on the car for all 84 months. |
Anonymous
Thanks PP! I am not looking at luxury but rather American SUVs. Probably $30-40k.
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Anonymous
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It’s going to be on select cars only and they rarely give that to anyone. It’s mostly a bait and switch. First, pull your own credit score. Secure your own financing first through whoever you want. Then reach out to the dealership via email and give them your offer. Ask them what the final price would be for the car, document fee, taxes, DMV fees and tags. Next,
This is where you divulge that you will be making a nice down payment and try to get a couple thousand off the final number they already provided. Get your final number you will be financing. Finally, let them know you will be financing through your own company. They will try to get you to finance through them. If your credit is excellent, tell them you would be willing to finance through them if they can beat the number you already got. |
Anonymous
| I disagree with these people. Get an 84 month 0% interest loan if you can qualify. If you want a good price, just go for the online deals, check with various dealers in the area and buy one that’s a good deal with 0%. Make sure you get gap coverage. |
Anonymous
Well if it gets totaled or you want to sell it before that, you will probably owe more than it’s worth. |
Anonymous
| If you need to finance a car over 84 months then you cannot afford it. |
Anonymous
You can always pay more than the standard payment. I bought a car with a 5-year loan and paid more than the usual payment had it paid off in under 3. In months when things were tight, I liked the flexibility that I could drop down to the standard payment amount. |
Anonymous
Good point about Gap insurance, but don’t buy it at the dealership. We pay for it through our car insurance policy @ progressive and it is very cheap. |
Anonymous
Only do this if you are going to pay the car off in four years. If you buy an American made car you will still be underwater. They are not worth much on the used car market. If you have excellent credit, there is zero reason to take an 84 month lease. That's 7 years. Why would you want that for a car? |