Are there any drawbacks to a 0% interest car loan?
"A local car dealership is running a 0% interest rate special, and now I'm interested in buying a new car.
Are there any drawbacks to a 0% interest loan?"
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Answered on Jun 09, 2021
“If you pay on time every month, a 0% interest car loan is a fantastic idea to save you money.
But, as with any financial contract, you need to read the fine print.
Some of these deals stipulate that they can add tons of expensive fees or increase your loan rate should you miss any payments. In addition, the 0% interest rate might also be temporary and increase to another amount at a certain point.
You’ll also have to qualify for the deal, so, unless you have stellar credit, there’s a chance you might not get approved.”
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