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I just bought a car this week and got a loan because the lender gave me $3,000 for borrowing from them. I have to wait 45 days before I'm allowed to pay it off,
by steelframe 8y ago
I just bought a car this week and got a loan because the lender gave me $3,000 for borrowing from them. I have to wait 45 days before I'm allowed to pay it off, but there's no penalty for doing so.
I have a 0% interest rate for 7 years on my other car. That's literally free money.
- gregw2 8y agoTypically it's not free money. You chose to forgo getting/negotiating a greater discount on the purchase price. There's no way the lender could do business otherwise.
- BoorishBears 8y agoIf your investment vehicle can’t make up missing out on a couple of grand of “haggling” (highly dependent on a myriad of factors by the way) then you need to seek out better ones. The average new car is around 35k. 35k with 7 years of returns even with extremely conservative investments should very handily make up for any lost bargaining power at purchase.
- steelframe 8y agoMy 7-year 0% loan is on my Tesla. You can't negotiate the price of a new Tesla.