Don’t be fooled by 0% Car Loans
We’ve all heard of companies offering 0% finance deals on new cars. Too good to be true right? Basically, yeah.
Manufacturers often promote these deals to hook people in, but if they are giving you in interest free deal, it’s because they are getting the money off you elsewhere. Often it means no discount on the purchase price, meaning you’re paying a lot more up front. It can also be through trade in value, reduced loan flexibility or restricted balloon payments. They might think they have us fooled, but we aren’t that easy!
We’re not saying you absolutely shouldn’t consider a 0% finance deal, we just like you, and want you to go in with your eyes open. Here’s our tips for getting the best deal possible:
- Do a bit of research and homework on your current cars value if you’re looking to trade it in.
- Use an online calculator (here, you can borrow mine) to get an idea of possible repayments, as well as current comparison rates, so you know what you might be in for.
- Spend a little time getting quotes online from finance brokers (*cough* like My Finance Broker) so you know what other offers you could get.
At least if you do these few things, you can take a 0% finance offer knowing you’ve covered your… bases, and that it will work for you.
If you want any more information on this (or just a chat), get in touch with our team though our online enquiry form.