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Is it smart to buy a car at 0% and no money down. Is there something I'm missing here?
Posted on 2/12/18 at 2:29 pm
Posted on 2/12/18 at 2:29 pm
We were planning on putting 20% down. But we can get 0% with no money down. What's the downside of this? Is there any besides upside down?
What's the smart financial decision here money board. Thanks for all responses. Even those who hate me.
What's the smart financial decision here money board. Thanks for all responses. Even those who hate me.
10
Posted on 2/12/18 at 2:29 pm to YoungManOldMan
What is the length of loan
This post was edited on 2/12/18 at 2:30 pm
Posted on 2/12/18 at 2:31 pm to YoungManOldMan
seems like a good idea, especially if you can take that money you were going to spend on a downpayment and invest elsewhere.
But from a car price standpoint, it seems like you're getting boned elsewhere. Are you giving up a rebate or something to get this?
But from a car price standpoint, it seems like you're getting boned elsewhere. Are you giving up a rebate or something to get this?
Posted on 2/12/18 at 2:32 pm to Tiguar
quote:
But from a car price standpoint, it seems like you're getting boned elsewhere. Are you giving up a rebate or something to get this?
There are no rebates. I negotiated from 41 down to 36K. Subaru Outback 3.6R Touring.
Posted on 2/12/18 at 2:34 pm to YoungManOldMan
I'd at least ask if there is an option between the two that they arent disclosing. If you plan on paying off early, obviously a low interest play with a good downpayment + rebate is preferable.
Absent those variables, I can't see any bad reason to take free money, but I could be wrong
Absent those variables, I can't see any bad reason to take free money, but I could be wrong
Posted on 2/12/18 at 2:39 pm to Tiguar
quote:
If you plan on paying off early, obviously a low interest play with a good downpayment + rebate is preferable
No advertised rebates. There is just the 0% offer. It seems advantageous to me to keep $7500 in my pocket and just pay higher note per month absent finance charges.
Posted on 2/12/18 at 2:41 pm to YoungManOldMan
I just googled it and yeah I only see the 0% APR offer.
Looks like the decision is up to you. I'd personally probably put enough down to keep the payments <500 because I'm unreasonable like that.
Looks like the decision is up to you. I'd personally probably put enough down to keep the payments <500 because I'm unreasonable like that.
Posted on 2/12/18 at 2:44 pm to YoungManOldMan
quote:
Is it smart to buy a car at 0% and no money down. Is there something I'm missing here?
Not missing anything. We did it 2 years ago with Ford. Many car companies seem to offer this these days.
Posted on 2/12/18 at 3:20 pm to YoungManOldMan
if you are fine with the monthly payment/overall cost then no downside
Posted on 2/12/18 at 3:30 pm to YoungManOldMan
quote:
What's the downside of this?
Based on your answers so far, there isn't one.
Posted on 2/12/18 at 3:31 pm to HailToTheChiz
just be prepared that you may owe more than the car is worth for a while. It may cost you $ if you need to get out of it for some reason or if it's totaled. This is assuming you don't purchase GAP insurance which is another added expense.
Posted on 2/12/18 at 3:47 pm to achenator
quote:
just be prepared that you may owe more than the car is worth for a while. It may cost you $ if you need to get out of it for some reason or if it's totaled. This is assuming you don't purchase GAP insurance which is another added expense.
Good point, I have seen a few people fall into this situation due to accidents.
Posted on 2/12/18 at 3:59 pm to YoungManOldMan
Negotiate the price after telling them you're putting 20% down and you'll finance it with them and then after arriving at their best price tell them you want that price with 0% down.
Posted on 2/12/18 at 4:02 pm to YoungManOldMan
You will be upside down on the loan when you drive off the lot. Make sure you have enough insurance.
Posted on 2/12/18 at 4:12 pm to Tshiz
Don't fall for gap insurance. You'll be right side up on the car in a few months. Technically, the odds are in your favor.
Posted on 2/12/18 at 4:55 pm to LSURussian
quote:
Negotiate the price after telling them you're putting 20% down and you'll finance it with them and then after arriving at their best price tell them you want that price with 0% down.
That’s what I did. We feel good about the price. The other dealership across town couldn’t match it so we knew it was competitive
Posted on 2/12/18 at 4:56 pm to whatshisface
quote:
Don't fall for gap insurance. You'll be right side up on the car in a few months. Technically, the odds are in your favor.
He'll have 20% of the car price still in the bank. No need for gap.
Posted on 2/12/18 at 5:00 pm to LSURussian
quote:dont they prefer financing? i.e you're not likely to get a better deal by putting money down?
Negotiate the price after telling them you're putting 20% down and you'll finance it with them and then after arriving at their best price tell them you want that price with 0% down.
The whole car buying experience confuses me
Posted on 2/12/18 at 5:03 pm to Tshiz
I can buy GAP Insurance online for $180 for 2 years.
I’ll probably pick that up for kicks. Better than the $750 they ask.
I’ll probably pick that up for kicks. Better than the $750 they ask.
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