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Should I Take Advantage Of 0% Apr Financing On A New Car?

new car, automobiile. finaincing, attorney, attorneys, lawyer, lawyers, California, CA, Bankruptcy, wage, garnishment, stockton, citrus heights, roseville, sacramentoIf you’re considering buying an automobile, you are most likely going to finance part of the purchase price as most individuals do. If you’ve done any initial research on dealer and independent financing on the market as of late, you may have notice the latest promotion by Ford offering 0% APR for six years (72 months). These deals are offered as a way to clear out the 2016 models and make room for the new 2017 lines, but also come at a time when car finance defaults is at its highest rate since 2010.

The deal could have negative implications for the auto loan industry and the securities that back them. The U.S. auto industry has been red hot as of late with sales in record numbers in 2015. The majority of these sales were purchased by subprime borrowers. While the securities are set up to absorb some defaults, the high number of loan defaults and delinquencies may end up increasing in the near future.  Suffice it to say, that early defaults are a warning sign for auto sales, with Ford itself suffering due to the trends.

So what are the implications for consumers? By stretching out the payment to 5 and 6 years you will naturally get a lower payment and pay more in interest over the life of the loan making it generally a better idea to opt for a 2-3 year car loan. With Ford Freedom’s 0% APR, if you qualify, this mitigates that concern right? So what are the other drawbacks?

Buyers should use caution when considering this financing deal as new car models deprecate in value the second you drive them off the dealer’s lot and continues to depreciate at a steady rate over the 6 years that you pay on the loan. In essence, you continue to pay the same amount every month while your vehicle becomes less and less valuable. In fact, CarFax claims that new cars lose 60% of their total value in the first 5 years.

When you are looking into financing a car it’s also very important to look strongly at your current financial situation to ensure that you will be able to make your payments throughout the life of the loan. Will you still be able to make your payments if you are injured or loss your job? It’s equally important to try and foresee any contingencies in your budget and have a backup plan for emergencies. If you have found yourself unable to make your car loan payment and facing repossession, call or email a bankruptcy attorney in Sacramento California to find out how you can protect yourself.

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