We are currently offering 0% financing and/or up to $7000 cash back on select 2006 models.
I'm trying to get a 2006 Kia Sedona and want some advice please.
2007-02-24 06:31:21 · 5 answers · asked by Lost Evolution 1 in Cars & Transportation ➔ Buying & Selling
OK here is the way to look at it. You need to find out what APR financing rate you would qualify for if you took the cash instead of the money. Figure how much interest you would pay over the life of the loan and see which is greater. The thing is also this the $7000 cash back you seen now. If you were to trade in the car in 2 years you saved the full $7000. You wouldn't see the APR savings probaly unless you paid it off in 5-6 years. Now lets say you pull out somewhere in 3 months and get hit by someone and the car gets totaled. You took the apr and saved $50 a month in interest for 3 months instead of taking the $7000. I say if you qualify for 0 percent you will qualify with another finance company for a rate of under 9 percent then since the Kia is not more than 20k to finance ... you would pay about $4900 in finance charges for 20k finance for 9% over 60 months. Hope this helps. God Bless.
2007-02-24 07:55:30 · answer #1 · answered by autosmart_usa 2 · 1⤊ 0⤋
It takes looking into the fine-print, but the $7000 cash-back sounds very enticing.
That doesn't sound like the whole story though. Do your homework with the kind of car vs. how much they're asking for it. Also be aware of your Credit Score. You may or may not be able to qualify for the 0%.
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2007-02-24 06:48:25 · answer #2 · answered by rob1963man 5 · 0⤊ 0⤋
here's priceless advice: don't buy a kia.
i hear the reliability is improving but still not great.
in any case, i would go with the 0% as long as it doesn't change and you can pay off the car within the time frame (they usually offer no interest for a short period of time) if you can't afford high monthly payments, stretch the payments out over more time to bring it down to a reasonable amount every month and use the $7000.
2007-02-24 06:42:47 · answer #3 · answered by morequestions 5 · 0⤊ 0⤋
you need to read the fine print of the deal . o% for how long and what happens after the 0% is over . sometimes the interest after the short term loan is up is sky high.
as for the cash back i would take that if i had the choice. but you have to read all the fine print and if your not a math or contract wize just ask someone who is good at math to look it over with you . even a math teacher can figure this out for you .
you dont have to be some car person to work all this out its just math period.
2007-02-24 06:42:00 · answer #4 · answered by s l 2 · 0⤊ 0⤋
have you driven a ford lately? unless you plan to drive that kia literally into the ground, it's not gonna be worth a damn on trade in!
2007-02-24 07:06:08 · answer #5 · answered by michael_oxgood 4 · 0⤊ 0⤋