- #1
YoshiMoshi
- 228
- 8
Can anyone recommend a auto loan provider, that gives me cash back, that I can then pay off instantly, and get out ahead to save money?
Example, loan provider X, will give me $1,000 cash back to attract me to choosing them for financing, So if I were to purchase a $15,000 vehicle, the loan provider would provide me with a $14,000 loan ($15,000 - $1,000) because of the $1,000 cash back.
I then pay it off instantly with cash after getting the vehicle, so I pay no interest, resulting in a overall less cost ($14,000). As opposed to paying straight cash, $15,000.
Such a loan would have to have a no early pay off fee. And the cash back bonus would have be less than the financing fees. Most loan providers provide a fee for financing to setup the loan (separate from interest).
Example, loan provider X, will give me $1,000 cash back to attract me to choosing them for financing, So if I were to purchase a $15,000 vehicle, the loan provider would provide me with a $14,000 loan ($15,000 - $1,000) because of the $1,000 cash back.
I then pay it off instantly with cash after getting the vehicle, so I pay no interest, resulting in a overall less cost ($14,000). As opposed to paying straight cash, $15,000.
Such a loan would have to have a no early pay off fee. And the cash back bonus would have be less than the financing fees. Most loan providers provide a fee for financing to setup the loan (separate from interest).