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I am looking at auto loans but I don't get it... there are incentives like cash back when you do these auto loans but what is to stop you from taking the loan and then paying it off the next day? There are no prepayment penalties with these loans... am I missing something?
I've never heard of a car loan with prepayment penalties. But then again, before subprime mortgages, I had never heard of a home mortgage with prepayment penalties either.
Just ask up front about prepayment penalties. If you can rock a good deal, then pay it off the next day. Nothing stopping you.
Thanks, that's what I am wondering. With the loan, I get about 2k off the price but I have the cash to pay it off completely, so I will just pay it off the next day then...
evil, that would be the only thing, even at that, it's worth waiting until they send you the paperwork in the mail, or at least wait a week. we offer financing incentives all the time, and people wait until they get the incentive, then pay it off, remember, there are fees associated with financing, doc. fees, etc, that you will be responsible for on top of the purchase price and taxes
Hi All,
I am also looking for land loans, and car loans. I have got some quotations from various organizations and agencies but I am looking for some more suggestions on behalf of you all.
Please reply.
Quote:
Originally Posted by evilnewbie
I am looking at auto loans but I don't get it... there are incentives like cash back when you do these auto loans but what is to stop you from taking the loan and then paying it off the next day? There are no prepayment penalties with these loans... am I missing something?
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Car Laons and Land Loans
