Should I get a car loan if I've been promised $2,000 off the price of the vehicle, even though I have the cash?

"Because I financed my new car through a dealership, the dealer game me a special $2,000 cash bonus.

Though I have cash to pay for the vehicle outright, saving money would be nice. The APR is 5% for 60 months.

Is this a good idea?"

“Sounds like you got a great bargain and made a savvy plan to cash in.
What you need to do is look at the contract and see how long you need to have the loan in place to keep the $2,000.
Sometimes, the loan will specify a certain time frame, and, if you refinance, or pay the car off before then, you’ll have to give the money back to the financing department.
But if your contract doesn’t have this stipulation, you should be good.”
Eric Schad
Answered on Jul 26, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.

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