Description of service
I bought a 2006 Chevy Equinox, and with my trade-in the bottom line cost was $19,000 at 0% financing for 60 months at my local Chevy dealer. Drove it right off the showroom floor !!
Review of Service
I wasn't sure I qualified for 0% because I had heard horror stories from other people that you have to have squeaky clean credit to get the 0% and by the time they left the dealership, they were paying 9%. I guess I qualified because I got the 0% financing. In my case, you could either have 0% financing or 5% financing and a $2,500 rebate. I calculated that in the long run, the 0% was a much better deal. Even if I had applied the rebate to the loan, I would have been paying more in finance charges.
Unlike other loans, I do not plan to make additional principal payments on this loan. With 0% financing, it's not costing me anything to finance it.
Tips
Shop around. Your dealership may not have the best rate - they probably do, but it doesn't hurt to check. If you don't qualify for their least percent offer, then shopping around may get you a better rate. For example, your bank or loan company is not going to offer 0%, but they may be able to beat 9%.
Also, in most cases, if there is a rebate offered, that can be used for your down payment.
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