My wife and I are in urgent need of a new car. My wife's parents, who recently inherited a large amount of money, have offered to help by gifting each of us $10k. We'll put the money into our joint account and buy a new car. Problem solved!
However, it's going to take about two weeks to get the money, and I really meant it when I said our need for a new car is "urgent" (current car has smoke pouring out of the engine).
Our credit score is in the 800s, and we had already saved up a 6k down payment before we knew my wife's parents would help, so...
If we buy a car around 20k, putting 6k down and financing the rest (we were previously approved for a 3% rate)...
Can we then pay off the remaining loan "same as cash" when our 20k comes in from the wife's parents in two weeks?
Trying to see if finance charges can be avoided if we pay it off before the first car loan is due.
Thank you!
EDIT: Thank you everyone for the feedback! I'll still look at the responses that are coming in, but I like the suggestion of a rental -- we'll likely do that so that we don't have to rush or worry about temporarily financing. Thanks!
Submitted April 08, 2017 at 02:47PM by PRGuyHere http://ift.tt/2ojEUk7
