So the zero percent auto financing deal offered by your local car dealer has grabbed your attention and as a buyer on the lookout for a new car it seems a luring bargain indeed. Zero percent financing is one of the most enticing motivators used by automotive dealers and car companies to lure potential buyers and ramp up sales. However, before you get influenced by such advertisements, it is imperative to know the hidden truths behind zero percent financing. For, what might appear to you as an attractive deal may, in reality, mean shelling out more than other alternative financing options.
Short-term Payback: In most cases zero percent financing come with short- month. For those who run their expenses on monthly budget pushing it up to such extent as to accommodate extensive installments might seem difficult. In such cases it is better to look for longer-term schemes where monthly installments will be lower.
Hidden Costs: Although you might be quite happy opting for a zero percent finance, you may be charged overtly on certain other heads such as application fees and extended warranties by your dealer. In the long run you might just find out that you ended up paying more than the other payment options like a cash-back offer which although comes with a higher interest, would have helped you save greater amounts.
Zero Percent Financing Criteria: Finally, even before you hit the showroom excited to buy your dream car, check out whether the car model is under the zero percent finance scheme. You may just wander in to find that the car you contemplated to purchase is under a completely different finance scheme which requires you to shell out a whopping amount in terms of financing charges. It is also worth taking a look at your credit score as zero percent financing is often limited to only those customers with a good credit standing.
To get the best deal out of your auto finance at lowest interest rates, Atlanticus can help you get the car of your dreams.
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