Just to get a better price out of the dealer at the time of purchase.
2007-01-05 06:42:28 · 4 answers · asked by whats her name 1 in Cars & Transportation ➔ Buying & Selling
No...You will have added registration fees for the loan and most likely having to pay interest for first 3 months before you can cancel.
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2007-01-05 06:58:06 · answer #1 · answered by Anonymous · 0⤊ 0⤋
first be sure that you need financing to get the deal. I do understand, it's their profit, and it could be good for you. Typically these kinds of deals are below retail and provide a great opportunity for the buyer as the bank is paying their share. Find out who they are financing through, and ensure that there is no pre payment penalty, next, ask the delear how long the loan has to remain active. some banks require one month, while others require three before the dealer is paid. I know of one bank where there is no wait. be sure you wait to pay the bank off at the dealers request, it wouldn't be fair to screw them.
2007-01-05 16:13:54 · answer #2 · answered by jay 7 · 0⤊ 0⤋
The finance charges are high, and only after two to three years (depending on the term ) is it worth paying it in full and getting discount on the finance charges.( i presume you realise that even if you pay it off the next day or a while later you still must pay the charges )
The difference in what the dealer is prepared to discount and the finance charges you will have to pay is what would make it worthwhile or not.
2007-01-05 15:05:25 · answer #3 · answered by Featherman 5 · 0⤊ 0⤋
Read your policy to see if there are non-refundable fees or if the interest due in based on the original principal and is due immediately.
In other words, did you commit to money you will never get back.
2007-01-05 14:53:32 · answer #4 · answered by Anonymous · 0⤊ 0⤋