I offered to pay cash for a car, but during the haggling process, my car dealer asked if I could finance the car instead, and keep the loan for at least four months before paying it off. He was taking $1,800 off a what would be a $11,800 loan, so I verbally agreed. I haven't signed anything related to the loan yet, so I'm not worried at the moment, but I wanted to know more about this.
The dealer claims that the bank will kick the dealership back some money after four months assuming that the customer is making payments on a loan. I'm not terribly interested in paying four month's worth of interest if I don't have to though. I don't know what percentage they'll be offering me. Obviously if it's out of bounds I'll just get my own loan or pay cash instead. Is this something they are going to write into the fine print to try and force me to do?
And how much interest should I expect to be paying over a four month car loan for $10K at lets say a 4% interest rate?
Submitted October 01, 2018 at 10:11AM by ReheatedBeef https://ift.tt/2DLCoMO
