|
Could have purchased my BRZ in cash, but opted to finance a portion of the purchase.
Made a 40% down payment using my credit card for cash back bonus doallars (paid balance in full at the end of the billing cycle). . . For the loan I was offered 2.9% for 63 months. . . Structured the loan for 60 months at 2.9%. . . Made a principal payment 14 days later for $2K. In the process of making 5 additonal payment between now and mid-November to repay loan in full.
Total gross interest expense incurred will be approximately $120. Total net interest expense incurred (taking into consideration my credit card cash back bonus) will be -$130 (e.g., I will turn a profit on the financing of my car).
|