Finance a car and pay it off in 2-6 months?
I'm planning to buy a new 2015 Honda Civic EX at $20,079. I want to pay it full on credit. I don't wanna spend 5 years paying it off.
The dealers won't let me pay for it (fully) in credit and want cash or check.
If I finance it for 1.9% for 4-5 years can I pay it off within 2-6 months without paying interest?
No, if you take a loan the you will have to pay all the interest even if you pay it off early. If your Honda dealer will not sell the car for cash (the opposite of credit ) then visit a different Honda car dealership.
Mr. Jon is totally wrong. If you pay off your loan in 2-6 months, you only pay interest on the unpaid balance each month at the rate of 1/12th of the 1.9% annual rate. For such a short payoff, the interest you'll pay is very minimal. Be sure to ask your lender if there's any penalty in paying off the loan early. Some do, some don't.
If you have the money to pay the Car right off the Bat why go through a Bank to finance.Makes no sense.
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