0% interest rate
08-18-2011, 07:36 PM
#1
Member
Thread Starter
0% interest rate
I have Bank of America financing for my truck.
Interest rate I have is 3.65%
But I've been making my payment month early.
I've found out that if you make your payment early you get reduced or 0% interest following month depending on how early you make the payment.
I don't know if it works the same way with other banks,
But I thought I share with you guys.
Interest rate I have is 3.65%
But I've been making my payment month early.
I've found out that if you make your payment early you get reduced or 0% interest following month depending on how early you make the payment.
I don't know if it works the same way with other banks,
But I thought I share with you guys.
08-18-2011, 08:35 PM
#2
No wonder BAC shares are down to $7/share!
Sounds like a good deal.
But with a 6 year loan @ 2.55% at my CU (after refi), I'll only pay $2000 total interest. And I got $1000 off on the truck so my finance charge is only $1000.
Then use the money to buy gold, it's up to $1822/oz
Sounds like a good deal.
But with a 6 year loan @ 2.55% at my CU (after refi), I'll only pay $2000 total interest. And I got $1000 off on the truck so my finance charge is only $1000.
Then use the money to buy gold, it's up to $1822/oz
08-18-2011, 08:53 PM
#3
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Normally - the interest fees are built into your monthly payment... if your monthly payment the following month is LESS because you pay early thats pretty nice.
Multiply what you are paying per month by the # total number of payments to make sure it comes out to the original loan amount. Anything more is your interest at work.
Multiply what you are paying per month by the # total number of payments to make sure it comes out to the original loan amount. Anything more is your interest at work.
08-18-2011, 09:38 PM
#4
I've always financed through Ford Motor Credit. It builds a good relationship with Ford themselves and I've always got a 0% or my current rate which I'm paying on my F150 now of 1.9%.
