Many world-renowned car companies like Fiat, General Motors (GM), Hyundai, etc. are making out of the box deals amid the coronavirus pandemic. These companies are offering 84-month car loans at absolutely no interest rate. This adds up to 7 years with zero interest rates. Other automobile companies are offering a 72-month loan with zero interest. Apart from this, buyers can also start paying the loans after 120 days. This offer would prove to be very useful to the workers on leave.
With loan duration, this long, monthly car payments would be less and won’t have an impact.
But everything has its risks and disadvantages.
Cons behind these unbelievable offers:
- Firstly, everyone would love the new car smell. But, if you opt for this offer, the fresh car smell would be long gone, but you would still have to keep paying the monthly payments.
- Everyone’s interests and opinions change gradually with time. You might have been interested in the car you had bought, but that same interest and enthusiasm would disappear after some time.
- After some time, If you want to exchange the vehicle with a better one, which looks very appealing to you, then that would pose a problem as you still have to keep paying for the old car. This is very disadvantageous and one of the most critical risks.
- We all are aware that the current worth of a vehicle would gradually slip down in the coming future. This means that you are paying more than its actual value.
Even though these offers are very tempting, the worth and the amount of interest you have in the car should be kept in mind. The one mistake you should never do is to buy the car just because of the offer. This action and decision would make you regret later on.
