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Car Ads: Reading Between the Lines
Many new car dealers advertise unusually low interest rates and other special promotions. Ads promising high trade-in allowances and free or low-cost options may help you shop, but finding the best deal requires careful comparisons.
Many factors determine whether a special offer provides genuine savings. The interest rate, for example, is only part of the car dealer’s financing package. Terms like the size of the downpayment also affect the total financing cost.
Questions About Low Interest Loans
A call or visit to a dealer should help clarify details about low interest loans. Consider asking these questions:
Will you be charged a higher price for the car to qualify for the low-rate financing? Would the price be lower if you paid cash, or supplied your own financing from your bank or credit union?
Does the financing require a larger-than-usual down payment? Perhaps 25 or 30 percent?
Are there limits on the length of the loan? Are you required to repay the loan in a condensed period of time, say 24 or 36 months?
Is there a significant balloon payment —possibly several thousand dollars — due at the end of the loan?
Do you have to buy special or extra merchandise or services such as rust proofing, an extended warranty, or a service contract to qualify for a low-interest loan?
Is the financing available for a limited time only? Some merchants limit special deals to a few days or require that you take delivery by a certain date.
Does the low rate apply to all cars in stock or only to certain models?
Are you required to give the dealer the manufacturer’s rebate to qualify for financing?
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