Help me with interest free loan for a car..help buy used car

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amother

Burlywood

Thu, Dec 27 2018, 6:44 am

I saw on the other thread ppl said they got interest free loan for a car and its better to buy a used car vs lease as ppl were saying.

Please help me with the details of the interest free loan or if I cant get interest free loan then can u pls tell me about how it works to get a loan like can I use my chase bank????

Im in ny....

Also someone said to take the car to ur mechanic but thats not always possible
Because if I find a good deal in brooklyn but my mechanic I trust is in long island a lot of places wont let me rltake the car there to check it out

So pls tell me how if u know of any trusted car place as im afraid of getting stuck with hurricane damaged car that was fixed temporarily...

Pls help with any details as im clueless in this area and would like to learn everything before purchasing...

Thanks.

rovh613

Thu, Dec 27 2018, 7:59 am

Find a mechanic located bear where the car is and then have them check it out. If you can't afford the car you want maybe consider buying a cheaper used car. As long as the car is in good condition that could be a good option.

sarah58

Thu, Dec 27 2018, 9:33 am

its not specifically for a car but you can try the Hebrew free loan society

rachelmom1

Thu, Dec 27 2018, 10:11 am

I haven't done interest free but have used a credit union (may be a ribbis question ask your LOR). Rates at the time were 2-3%

amother

Natural

Thu, Dec 27 2018, 1:41 pm

amother wrote:

no such thing as interest free loan from any car company unless you buy a brand new car and go straight to the manufacture dealership , which will tell you 0% interest but you will pay a very expensive price for the car plus they will charge you different fees which eventually adds up as if you paid interests
The best way do go is to find a local used car dealership that has good deals on a used car they can help you finance the car for a low interest rate which you can pay up the Auto loan at any time .
the difference between leasing and financing is the when you finance you spend all the money and after 3 years you have to return the car in good condition , and financing you make payments for the car and the car is yours to keep.
check out www.mrminivans.com they can help you find a good deal and finance

amother

Apricot

Thu, Dec 27 2018, 1:56 pm

I think you're confusing "interest free" with "no down payment." I'm not aware of interest free loans, though if your credit isn't bad you should be able to get a low interest loan from penfed with no down payment required.

rovh613

Thu, Dec 27 2018, 2:00 pm

rachelmom1 wrote:

I haven't done interest free but have used a credit union (may be a ribbis question ask your LOR). Rates at the time were 2-3%

Isn't ribbis just for interest for other yidden?

amother

Aquamarine

Thu, Dec 27 2018, 3:06 pm

Gemachs and UJA have interest free loans.

amother

Cerise

Thu, Dec 27 2018, 3:09 pm

If you're in the position to need a gemach why not just buy a cheap older car?

amother

Bronze

Thu, Dec 27 2018, 3:19 pm

amother wrote:

Very honest and kind mechanics are R&D on 66th street and New Utrecht ave. When I couldn’t afford much and was looking for a used car, they checked the cars for very little or for free and advised me which were worth it and which not. They’re great.

rachelmom1

Thu, Dec 27 2018, 5:07 pm

I don't make or understand the rules. I try my best to follow them. Do your research and post here.

rovh613 wrote:

Isn't ribbis just for interest for other yidden?

amother

Burlywood

Thu, Dec 27 2018, 6:10 pm

amother wrote:

If you're in the position to need a gemach why not just buy a cheap older car?

No ive done that and spent so much of my savings paying for repairs so I know now (after my bad experience) that even nissan/honda that last a lot of miles is not worth it for me for too many miles bec itll probably be a lot to fix.

amother

Burlywood

Thu, Dec 27 2018, 6:11 pm

amother wrote:

Thanks. How do I contact penfed? Is there an office location u went to or do I just call a number???

amother

Apricot

Thu, Dec 27 2018, 6:12 pm

amother wrote:

Thanks. How do I contact penfed? Is there an office location u went to or do I just call a number???

Penfed is a huge credit union. Google their website.

amother

Burlywood

Thu, Dec 27 2018, 6:15 pm

amother wrote:

Thanks. I actually heard a lot of good things about mr minivan.

The reason I asked about interest free loans is bec I saw someone say on another thread that she got interest free loan so I guess that person is not posting here and I guess most ppl here got loans where there was interest...

Thanks everyone for helping me out.

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