2006-11-15 09:36:11 · 9 answers · asked by shandman01 1 in Cars & Transportation ➔ Buying & Selling
Check and see what the interest rates will be after the waiting period is over. Usually they will be sky high.
2006-11-15 09:38:05 · answer #1 · answered by Emily D 3 · 1⤊ 0⤋
All you care about is that you buy the car out the door for less than the sticker price and you want no interest for the life of the loan.
I know Toyota usually does this on presidents day probably more often than I know but that's when I bought mine. As far as deprecation all American car for sure will. Mine I can still get what I owe plus a few bucks :-) No I didn't put anything down either.
Nevermind the no payments for a year crap your just putting off the inevitable.
2006-11-15 09:49:04 · answer #2 · answered by Just Me baby 3 · 0⤊ 1⤋
Yes, you will be stuck with all of the normal payments once the year is done.
Financially, purchasing a brand NEW car is a very bad idea because it starts depreciating as soon as you LOOK at it.
Pay off vehicles as fast as you possibly can.
.
2006-11-15 09:38:37 · answer #3 · answered by nbasuperdupe 3 · 1⤊ 0⤋
Yeah your car is a year old before you start paying on it. Not a smart move on a depreciating asset. If you take the deal, you better like the car because you will never be able to trade out of it
2006-11-15 12:48:52 · answer #4 · answered by typhon1991 3 · 0⤊ 0⤋
You must check it out. Usually if the car is not paid for in the year's time, you will accrue interest retroactive to the purchase date. In other words, it's only a good deal if you pay for it in a year.
2006-11-15 09:39:17 · answer #5 · answered by Anonymous · 2⤊ 0⤋
2 things
1. Have alternate financing lined up before the year is up.
2. Make sure the interest is not accrued, meaning, make sure it starts in a year, not just deferred for a year.
2006-11-15 09:57:15 · answer #6 · answered by Papa John 6 · 0⤊ 0⤋
One downside is not not knowing what what the future will be 1 year from now. .
The ease of the purchase now might over-shadow your actual ability to afford the purchase.
You could be in trouble later.
2006-11-15 09:41:53 · answer #7 · answered by budget strapped 3 · 2⤊ 0⤋
I think with most "no interest for a year" deals the first year's accrued interest get's tacked on all at once if you didn't pay off the loan in that first year.
2006-11-15 09:38:40 · answer #8 · answered by John's Secret Identity™ 6 · 2⤊ 0⤋
yes read the fine print....if you miss a payment find out what happens or how long you have to make payments....you don't want to be paying for a car for ten years....use your best judgement but try to put down at least ten percent
2006-11-15 09:43:10 · answer #9 · answered by Anonymous · 0⤊ 1⤋