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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?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“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.”
View full answer
- Gregory R.
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