Reply to Example of how not to borrow for a car

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Um how is this stupid? I'm looking for a car and can get 0%, why wouldn't I put down as little as possible?[/quote]

How are you able to get 0%?[/quote]

np.  I bought my toyota highlander last year at 0% interest rate.  Toyota financing was running a special and I had good credit.  I also put my down payment on my amex so I could get the membership reward points.[/quote]

Another NP here. I bought a 2015 Mazda earlier this month at 0% interest and put $8k down (also used my AmEx for rewards points! But my dealer said they had a $5k max on credit cards, so I did that and a $3k check). Financed nearly $20k. It's a 5 year loan. [/quote]

This also sounds good. Will have to watch for 0% deals.[/quote]

PP here. Mine was on Labor Day sale. At this point, wait for Christmas/New Years sales. Toyota also does 0% much more often than random promotions, which is usually the only time that most brands offer 0%.

Also, there was no charge to me for putting part of my down payment on my credit card, but my dealer said they had a $5k limit because of the credit card deae that the merchants have to pay for that transaction. So they absorb that cost. I did it to get credit card points and I still have a 0% intro APR on my AmEx for another few months so the impact of the large down payment is lessened and I can break up paying it into chunks. It really worked out great. [/quote]

Credit card [b]*fee*. [/b] Damned autocorrect. [/quote]

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