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Automakers are offering extreme deals. Car buyers should proceed with caution

A number of car companies, including Fiat Chrysler (FCAU), General Motors (GM) and Hyundai (HYMTF), are offering 84-month car loans at 0% interest. That’s seven years without any interest. Others are offering 72-month loans at zero interest. Not only that, but buyers can put off making their first payment for 120 days, or about four months. That should be helpful for workers on furlough. (Hyundai, for one, is also offering other payment protection plans for owners who lose their jobs due to coronavirus-related disruptions.)

With loans that long and no interest at all, monthly car payments can be very low. That’s assuming, of course, your credit score is good enough to qualify. But, experts warn, don’t get so fixated on that very enticing interest rate that you forget to consider all your options. It may not be the best deal for you.… Read More