If you want to buy a car and you can get it with 0% interest and 0 percent down, what’s the problem. I got caught in this offer a while back, when I bought a mattress and the lady said zero down and 0 percent interest, you just have to pay on time and payoff by this date. I walked out with the mattress and a free pillow. But boy was I wrong about buying that thing.

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1. How do they Win?
– Remember businesses need to make money
– So one does something like this without there being an upside for them right
– So let’s take a look at the benefits they get

First: Moving Slow Selling vehicles and clearing out inventory
– They select the models and trims
– Since we have these vehicles that are taking up space and we are not selling them
– Let’s make this offer and make sure we make a good profit now
– Entice the customer by saying zero interest

Second: Higher Sticker Prices, expensive add-ons, and strict payments
– It’s like that bed I bought, what I didn’t know is that the interest was accumulating anyways
– And that if I missed a single payment all the interest would be added in at once and the deal was done
– When they make this offer to you, and since they want to make the money now
– They are usually not going to be willing to negotiate on the price, heck they may even raise the price

Example: Buying a car for 20k and paying 4.5% interest and the same car they may sell it to you for 24k but 0%
– With the interest you pay $30 less
– It just looks attractive until you do the math
– I paid $2000 for that bed, I could spent $400 on gotten a much better deal on Amazon

Third: you lose if you are not perfect your benefits and get charged late fees
– You don’t use the terms of the loans
– The company does
– So usually they come with this loophole in it
– Miss a payment, you lose the zero interest and you get charged fees and sometimes all the interest that you didn’t pay before
– I remember Paypal had something like this going on a while back
– Imagine the interest rate they are going to give you too

2. What do you gain
– Get to walk out of the door with a car you can’t afford to pay for in cash
– And with a higher price tag
– And also a loan waiting to explode
The biggest damage they do
– Is providing you with a way to buy something you can’t afford
– By definition that sounds stupid, if I couldn’t afford then how do I have it
– The answer is leverage, you borrowed it, you don’t own it

By the way, I should add this too:
– A lot of these offers are made but very little people qualify
– They need to have an extremely high credit score and even then the cons are the same
– So may go, find out you don’t qualify but they have some other deal for you
3. So what is the solution
– Purchase a car in cash ( you pay zero interest on those )
– Don’t have to worry about the value going down because you own it
– So if you were going to spend $500, $700, or even $1,000 per month on that car or truck

Buy a beater for now: a reliable Toyota or Honda that runs forever
– Save that money per month
– And in a year or three, buy the car you want

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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