{"id":2764,"date":"2011-10-28T16:14:47","date_gmt":"2011-10-28T16:14:47","guid":{"rendered":"https:\/\/stpaulfcu.org0-financing\/"},"modified":"2025-12-11T11:18:32","modified_gmt":"2025-12-11T17:18:32","slug":"0-financing","status":"publish","type":"education","link":"https:\/\/stpaulfcu.org\/education\/0-financing\/","title":{"rendered":"Don’t Get Tricked by 0% Financing"},"content":{"rendered":"\n
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Hard Facts About 0% Financing<\/h2>\n\n\n\n
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Apply Online<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n

Zero percent financing is becoming more and more common in the auto industry and for other major purchases like furniture and appliances. It may seem like a great deal but when you consider other factors, 0% financing may not be your best option. These offers are often used to \u201cbait and switch\u201d customers since it can be very hard to qualify for the rate. A large down payment may be required as well.  Once the dealership or retail business is able to get you into their finance department they may try to pressure you into a higher rate.  <\/p>\n\n\n\n

Compare Your Options<\/h2>\n\n\n\n

Taking the 0% financing will typically require you to forfeit the rebate money and\/or your ability to negotiate a better price.  The rebates and\/or discounted pricing could save you hundreds, even thousands of dollars over the term of the loan as shown in this example of 0% APR1<\/sup> from an auto dealership compared to St. Paul Federal Credit Union\u2019s best rate on a new vehicle with the rebate.<\/p>\n\n\n\n

 <\/th>St. Paul Federal Credit Union<\/th>Auto Dealership<\/th><\/tr>
Price<\/td>$18,995.00<\/td>$18,995.00<\/td><\/tr>
Dealer Rebate<\/td>$3,000.00<\/td>$0.00<\/td><\/tr>
Finance Amount<\/td>$15,995.00<\/td>$18,995.00<\/td><\/tr>
Payment<\/td>$287.35<\/td>$316.58<\/td><\/tr>
Finance Charge<\/td>$1,245.54<\/td>$0.00<\/td><\/tr>
Sales Tax<\/td>$1,040.00<\/td>$1,235.00<\/td><\/tr>
Total Cost<\/td>$18,280.54<\/td>$20,230.00<\/td><\/tr>
Total Savings<\/td>$1,949.46<\/td> <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

This is just one example of the possible savings when choosing the rebate and\/or discounted price over seller financing.  Stop in and talk with a Member Service Representative and compare your options.  We\u2019ll find out what the best route, whether it is taking the 0% or taking the rebate and\/or negotiating for a better price, and help to get you the best possible deal on your new car or other major purchase. <\/p>\n\n\n\n

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Apply Online<\/a><\/div>\n<\/div>\n\n\n\n
1<\/sup>APR = Annual Percentage Rate.  Calculations are for example purposes only.  Calculations are based off exceptional credit history, your rate may differ.  Calculation uses a rate of 2.99%APR and a term of 60 months.<\/h6>\n\n\n\n
2<\/sup>Total Cost includes: MSRP less rebate, tax, down Payment, & finance charges.<\/h6>\n\n\n\n
<\/div>\n","protected":false},"excerpt":{"rendered":"

Hard Facts About 0% Financing Zero percent financing is becoming more and more common in the auto industry and for other major purchases like furniture and appliances. It may seem like a great deal but when you consider other factors, 0% financing may not be your best option. These offers are often used to \u201cbait and […]<\/p>\n","protected":false},"featured_media":2763,"template":"","education-category":[194],"class_list":["post-2764","education","type-education","status-publish","has-post-thumbnail","hentry","education-category-tips-resources"],"yoast_head":"\nDon't Get Tricked by 0% Financing - St. Paul Federal Credit Union<\/title>\n<meta name=\"description\" content=\"0% percent financing is becoming more common for major purchases. 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