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The Water Cooler
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What’s the catch with 84 months 0% APR?
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<blockquote data-quote="Bigdawg90" data-source="post: 4073216" data-attributes="member: 49831"><p>I’ve been shopping for a used tractor for about 4 months. I’ve been to look at several. I was trying to get into one under $5k. Those needed more work than it was worth or didn’t have a loader. So I upped my budget to around $10k. I went to see several that were used and abused and walked away from negotiations. I’d hit ‘em back up and they said it sold for asking. So I started looking at new. </p><p></p><p>I’ve gone to Kubota, John Deere, Mahindra and Bad Boy dealers.</p><p></p><p>My favorite, by far, was the Kubota 3302 or 3902 HST. </p><p></p><p>Am I missing something with the 84 months 0% APR. I’m pretty sold on the deal. I’d buy insurance and attachments cash and finance only the tractor and loader. He said they offer a $500 cash price discount? That seems ludicrous to me. $500 to finance a $25k loan for 7 years 0%.</p><p></p><p>With inflation a 0% interest loan seems too good to be true. I put the deal on ice because it just seemed like there was a catch. With CDs making 5.25% I could put cash into a CD and literally make money over 7 years then pay it out right right now. </p><p></p><p>My wife and I have been cash people for the past couple years due to interest rates. I already have neighbors who heard I was going to buy a tractor. I’ve already got side jobs lined up. </p><p></p><p>This is either a blessing or there’s a big catch and I’m missing it. What is it? Am I missing something? </p><p></p><p>Does anyone know of any negatives for this other than debt. The finance charge total is $900. Thats the only charge on the itemized list. I checked the final financed amount and there weren’t any hidden charges or pre payment penalties. This wouldn’t be my first piece of machinery but it would be my first tractor.</p></blockquote><p></p>
[QUOTE="Bigdawg90, post: 4073216, member: 49831"] I’ve been shopping for a used tractor for about 4 months. I’ve been to look at several. I was trying to get into one under $5k. Those needed more work than it was worth or didn’t have a loader. So I upped my budget to around $10k. I went to see several that were used and abused and walked away from negotiations. I’d hit ‘em back up and they said it sold for asking. So I started looking at new. I’ve gone to Kubota, John Deere, Mahindra and Bad Boy dealers. My favorite, by far, was the Kubota 3302 or 3902 HST. Am I missing something with the 84 months 0% APR. I’m pretty sold on the deal. I’d buy insurance and attachments cash and finance only the tractor and loader. He said they offer a $500 cash price discount? That seems ludicrous to me. $500 to finance a $25k loan for 7 years 0%. With inflation a 0% interest loan seems too good to be true. I put the deal on ice because it just seemed like there was a catch. With CDs making 5.25% I could put cash into a CD and literally make money over 7 years then pay it out right right now. My wife and I have been cash people for the past couple years due to interest rates. I already have neighbors who heard I was going to buy a tractor. I’ve already got side jobs lined up. This is either a blessing or there’s a big catch and I’m missing it. What is it? Am I missing something? Does anyone know of any negatives for this other than debt. The finance charge total is $900. Thats the only charge on the itemized list. I checked the final financed amount and there weren’t any hidden charges or pre payment penalties. This wouldn’t be my first piece of machinery but it would be my first tractor. [/QUOTE]
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What’s the catch with 84 months 0% APR?
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