Question on 0% for 36 months
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WilliamBos
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cbturf
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Debt=Bondage
CurlyDave
Elite Member
From a credit rating standpoint it is sometimes better to have $20k in the bank than $40k in the bank and a $20k loan outstanding.
AKfish
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Yep... That's kinda like havin' 5-6 credit cards - even if you don't have a dime owed on the balance for any of the cards - that can work against you and your credit rating. Especially if you apply for a loan..
AKfish
I like the debt free part.
kthompson
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Do not take this to mean any certain company is this way but can tell you two who have done this, Dell Computers and Sears.
It may be ZERO for X time but then you get hit with back interest at very high rate if you run the full period of the loan. Not being late, not missing a payment. So less say it have ZERO rate or NO PAYMENTS due for a certain period of time. Well say that interest rate is low for 36 months but they will break up the payments into 48. So you are billed for a payment on a 48 month period and do not realize what is going on. At the end of 36 months wham...since it is not totally paid for back interest now hits the loan.
Again, I know for fact Dell Computers and Sears has done this. Very dishonest to me. This is the reason some furniture chains can make hugh profits with NO Payments for say 6 months.
But there is still a cost to Zero interest, notice they are now being little more honest (car companies) with zero interest or few thousand in rebate.
It may be ZERO for X time but then you get hit with back interest at very high rate if you run the full period of the loan. Not being late, not missing a payment. So less say it have ZERO rate or NO PAYMENTS due for a certain period of time. Well say that interest rate is low for 36 months but they will break up the payments into 48. So you are billed for a payment on a 48 month period and do not realize what is going on. At the end of 36 months wham...since it is not totally paid for back interest now hits the loan.
Again, I know for fact Dell Computers and Sears has done this. Very dishonest to me. This is the reason some furniture chains can make hugh profits with NO Payments for say 6 months.
But there is still a cost to Zero interest, notice they are now being little more honest (car companies) with zero interest or few thousand in rebate.
Phineas7
Silver Member
I'm not sure about the current offer, but when I got mine it was a true 0% for 36 months. There was not rebate for paying cash. They will add an "insurance policy" that adds a couple of dollars a month.