Warning about Low APR auto loans (0%,
1.9%, etc.)
We have a seen the commercials, "Get 0% on your car
loan!"
What a great deal...or is it?
Here's what they don't say...but I will
let you in on their dirty little secret!
You either get the low car loan APR or rebate, not both!
Calculate which is cheaper. It may be better to take a large
rebate over the 0% APR new car financing.
So you are paying for the 0% car loan...because now you
don't get that $3,000 rebate!
"If you opt for the 0% car loan and give
up the rebate, you are paying over 15%
in discount points! What a RIP-OFF!"
Now your monthly payment is higher...and this pulls
down your credit scores even more!
Now you try to refinance your mortgage to consolidate
your debt and you are turned down!
Usually low APR rates like 0% or 1.9% are offered to few
people with perfect credit, on new car loans typically 12 to
36 months.
According to J.D. Power, only 7% of new car sales in 2003
took advantage of these low teaser rates, down from 10%
in 2002.
Most of you planning 48 or 60 month auto loans, or used
car loans won't get 0%. Ads say "with approved credit".
Compare auto loan rates. Pay off your auto loan early,
saving on interest. Applying the rebate and using your
mortgage financing often gets you greater savings.
Annual Percentage
Rate
|
0%
|
4.39%
|
Cost of Car
|
$19,287
|
$19,287
|
Less Equity in
Trade
|
$2,000
|
$2,000
|
Less Rebate
|
$0
|
$3,000
|
Amount Financed
|
$17,287
|
$14,287
|
Monthly Payment
|
$288.12
|
$265.64
|
Total Cost
|
$17, 287.20
|
$15,938.40
|
Savings
|
$0
|
$1,348.80
|
|
0% Rate vs. $3,000 Rebate Comparison
|
Do these numbers make any sense to you? Not to me!
Call me now and I can arrange a loan for you that not only will save
you thousands in interest, it may be tax deductible!
So call me now at (888) 956-7060
Talk to you soon, Paul
|
Listen to my FREE 24 hour recorded message,
"HOW YOU CAN FINALLY STOP DEBT FOREVER!"
1 (888) 956-7060 ext. 222
|
Got a question? Call me at (888) 956-7060
or contact me NOW!
|
The Local Home Loan Specialist
|