I have 4K remaining on car loan and thinking to payoff..but the interest I save by paying early is peanuts. Did someone negotiates early loan payoffs successfully and any tips would be great? My loan is from Toyota financial, if it matters to answer.. @carloan @interest
We are on here talking about $350k compensation packages. Get yo $250 question out of here!
This is in money not in compensation...check the topic mate..and btw if your TC is 350k I think you need to try hard in leetcode n not here
😁 perspective
You should think in terms of a banker or a bank. What will I get if I negotiate your loan for lesser price? Nothing, right? It's gonna help you but not the bank. AFAIK wrt to credit union and BOFA - they don't do it. I paid off my loan and saved a big chunk of interest amount by using a 0% interest credit card.
Great points..very cool idea on the credit card part..
I generally buy a car during Sep end deals when the cars are advertised at 0% APR loans. My both cars are at interest free loan for 5 yrs. So didn't ever have to negotiate on the loan.
I’ve never bought a car, but I always had a question about how that worked. Who underwrites the 0% APR loan? Does the car dealership subsidize the cost? Also, is it the case that they offered you “0% or $X cash back”? Because if so, the loan isn’t free - you effectively paid $X up front to acquire the loan.
Not sure who subsidizes the cost.. I am guessing it is the Toyota itself as it is marketed for everyone. It used to be like if I pay the whole thing in cash, then I get $500 cash rebate. But if I didn't have that much amount in cash, I can't go for that option anyway right.. At least I am getting the loan without needing to pay sooner - I just take the whole 5 years to pay it off.
If the interest what you save my paying early is peanuts - 1. Why do you care about negotiating? Pay it off. 2. Why bother paying it off at the first place?
That is what the post is all about. Can I negotiate in someway for paying less than 4250 as I owe 4K loan balance and 250 interest? As I am ready to pay in full immediately..
Why would they accept this deal? If they don't, you pay them more