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Finance On Auto's

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  • 08-04-2003 12:30pm
    #1
    tinofapples
    Registered Users Posts: 2,959 ✭✭✭


    Hi all ,
    I posted a similar message on Motors without any reaction. I'm just wondering is it very very unusual in this country to find car dealers offering 0% finance on motors they're selling ?

    In my experience it is extremely rare almost non-existent except for one occasion last December when Finn Reddy were offering it.


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    #2
    daveg
    Registered Users Posts: 4,683 ✭✭✭daveg


    I think Citron offered it a while back. As you say though nearly non-exsistant. Seems to be common in the UK. Another example of the Irish being fvcked over.... don't get me started :mad:


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    #3
    Victor
    Registered Users Posts: 78,421 ✭✭✭✭Victor


    0% financing isn't really 0% financing. Usually it is only 0% for a short period and then if the loan isn't paid off quickly you pay a high rate of 15-20%, which may be on the principal, not the balance. You are much better organising your own finance and asking for a cash discount (the cost of the first year's financing is built into the sale price).


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    #4
    Lawdie
    Registered Users Posts: 863 ✭✭✭Lawdie


    The last post is right on the 0%. Its often built into the price. But it comes from the manufacturer not the dealership and therefore even if you ask for cash discount you do not get the interest saving that the dealership can offer.
    So if you can pay within the terms and conditions of the finance agreement usually 12-24 months then go for it.
    Most people can't afford to pay such high payments monthly therefore they opt for longer terms.


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