{ "media_type": "text", "post_content": "If you can get 0% finance on an item (car, furniture, electronics, whatever) and you can keep up with the monthly payments, is there any reason not to do that and buy outright instead?", "post_id": "5cfda878959908001e8d1cc4", "reply_count": 17, "vote_count": 6, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }
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If you can get 0% finance on an item (car, furniture, electronics, whatever) and you can keep up with the monthly payments, is there any reason not to do that and buy outright instead?

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As long as you are not using the 0% financing as the reason to buy the item.

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If they are offering 0% finance (which costs them real money) then you should be able to negotiate a discount for cash payment

likehelpful

Also, usually the way these things work is that if you miss a payment, then all the interest comes back on all the payments

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If you plan on purchasing a larger ticket item (car, house) in the near future and want to keep your credit balance low

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Yes, to reduce your overall consumption and have more money for important things. Also, it's a lot easier to just not buy something new than to skip a bunch of monthly payments if something unexpected comes up

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Also, for 0% financing on a car, it’s worked into the price. Dealerships make all their money on financing so if they can’t get that, they’ll jack up the price of the car

likesmart

Been working in auto finance for 15 years. 0% apr is almost always bc the OEM is subventing the rate. Definitely a good deal if it comes up

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If you ignore the “minimum monthly payment” BS on your monthly statements and make 1/x payments each month (where x=the # of months of no-interest financing minus 1 or 2, to make sure it’s paid off before the term ends...ie 18 months of financing, make your payments in 16 months and each month will be 1/16 of the financed amount). If you have even .01 left on your balance at the end of the 0% term, you’ll pay all of the interest that would have accrued during the financing term - and at the insane rate of 20+%, on the entire amount.

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There may be some penalty clauses if you miss a payment (even by accident). Be sure you know how the financing gets closed out.

Aside from the other valid comments, it’s six / half-dozen and up to you. You’re not spending any more money, either way, but you have more liquid cash on hand if you spread it out, just in case. As long as your monthly income enables you to pay the monthly amount above and beyond your other expenses, flip a coin. I usually will pay it off over the 0% financing period.

The acid test is to ask if they will sell for lower if you offer cash upfront . If they will - you can do the math and see if it’s better .

If you buy it on credit card instead you will get cash back/points. But I’ve done 0% financing for some furniture through Affirm and it’s a pretty simple process.

I do it and pay it in half the time. It’s free money. Let yours work for you

You have to go thru hassle of reporting it to Independence.

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