I am considering buying a new car from a dealer. I can easily afford to pay cash for this car outright. However, the salesman is saying he might be able to offer me a lower price if I finance the car, even if I decide to pay it off the loan in full a few months from now. The car will cost about $25k. Credit score is 800+. I have no other need for credit coming up (I own my house mortgage free; have plenty of credit cards with zero balances; savings and retirement are all fully funded).
He hasn't given me any hard numbers yet, but assuming I might pay, say, $85 per month in interest for a month or two before paying off the loan in full, what are the downsides if they offer me, say $500 off the car?
Has anyone else been in this situation? What are the "catches" I should be looking out for besides just the flat-out interest vs. discount tradeoff. Thanks!
Submitted February 10, 2020 at 03:56PM by meltingintoice https://ift.tt/2ShQsmp
