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?"

Answer provided by
avatar
Eric Schad
Answered on Jun 07, 2021
“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. “
thumb-up

Did this answer help you?

Ask us a question by email and we will respond within a few days.
thumb-up

Have a different question?

You can meet us at our office and discuss the details of your question.

Easiest way to compare and buy car insurance

√
No long forms
√
No spam or unwanted phone calls
√
Quotes from top insurance companies