0% Financing Can Cost You Money!
When vehicle sales drop, manufacturers increase their rebates and incentives. Most of their advertising will showcase 0% financing. Did you know that in many cases you’ll give up a large rebate or incentive to get 0% financing and the final cost of your vehicle will be more than if you finance with We Florida Financial? I can write more about this, but I’m going to let the numbers do the talking!
| 0% Financing Can Cost You More Than Our Low Interest Loans! | |||
| Dealer 0% Loan | WeFF 60 mo @ 2.99% | WeFF 78 Mo @ 3.49% | |
| MSRP | $27,495.00 | $27,495.00 | $27,495.00 |
| Dealer Gap | $900.00 | 0 | 0 |
| Dealer Fee | $899.00 | $899.00 | $899.00 |
| Sales Tax | $1,757.64 | $1,703.64 | $1,703.64 |
| Tag/Title | $400.00 | $400.00 | $400.00 |
| Amount to Finance | $31,451.64 | $30,497.64 | $30,497.64 |
| We Florida Financial GAP | $0.00 | $590.00 | $590.00 |
| Loan Total | $31,451.64 | $31,087.64 | $31,087.64 |
| Interest | $0.00 | $2,463.17 | $3,756.76 |
| Rebate | $0.00 | ($4,750.00) | ($4,750.00) |
| Total Cost of Vehicle | $31,451.64 | $28,800.81 | $30,094.40 |
| Savings over 0% loan | $2,650.83 | $1,357.27 | |
For this example I used a 2020 Chevrolet Equinox LS with the advertised rebate of $4,750. The Manufacturer’s Suggested Retail Price (MSRP) is as of April 2020. If you use We Drive, you’ll get a better deal than this! The financing is based on the new vehicle rate with a credit score of 730 or above obtained through We Florida Financial’s loan origination platform.