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Is 0% finance a good deal - can I pay off the car?

Hannaho · 2015-08-16 21:46:54

Hi! I got a Skoda car 0% finance - I've come into money a year later and want to pay off the car - I can't get a clear answer from Skoda or maybe it's my understanding of things - is 0% finance a good deal - I change my car every three years once the warranty runs out?

16-08-2015 9:46pm

#1

Hannaho

Registered Users, Registered Users 2 Posts: 733 ✭✭✭

Join Date: August 2010

Posts: 424

Hi! I got a Skoda car 0% finance - I've come into money a year later and want to pay off the car - I can't get a clear answer from Skoda or maybe it's my understanding of things - is 0% finance a good deal - I change my car every three years once the warranty runs out?

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Comments

#2 16-08-2015 10:34pm

colm_mcm

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Is it Hire purchase?

The only advantage to paying it off is that you wont blow the money on something else.

One way of looking at it, you pay off the car loan, how likely are you to need to take out a loan for something else in the near future? You'd be doing yourself out of 0% financing if you were to do that.

Might be wise to keep the money in savings to finance the next car?

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#3 16-08-2015 10:41pm

ozt9vdujny3srf

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Posts: 2787

There's no benefit to paying off now. I you're sure you don't need the money right now you could earn a meagre amount of interest in a savings account.

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