![]() ![]() If the rebate is $1,000 it would be to your advantage to take the 0% financing because the $1,000 rebate is less than the $2,645.48 you would save in interest. For instance, using our loan calculator, if you buy a $20,000 vehicle at 5% APR for 60 months the monthly payment would be $377.42 and you would pay $2,645.48 in interest. If the interest is more than the rebate, then take the 0% financing. How do you know which is better? Figure out the interest you would pay for the life of the loan if you financed with your bank. Many times dealerships will offer a choice of 0% financing or a factory rebate.
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