When it comes to the question of whether a 0% financing is really worth, many consumers have already broken their heads. A 0% financing is now offered by most retailers to make buying easier for consumers. Who decides as a consumer for a 0% financing, who receives the desired product immediately, but does not have to pay in one go, but is given a longer period and pays the agreed purchase price in small installments, which in the Usually once a month from the buyer to the dealer must be paid.
Sometimes a bank is also interposed and the dealer gets the money directly from the bank and the buyer has to pay the money to the bank. However, this is rather rare, as the dealer in this case would have to bear the cost of 0% financing.
Everywhere attract 0% financing
0% financing is no longer offered today only when buying expensive furnishings. Even in electron markets and department stores, 0% financing has long been introduced, following the example of the large mail order chains. Even in some larger supermarket chains it is possible to finance the purchase on installments. To what extent this makes any sense, the consumer must ultimately decide for themselves. With purchases that you use for several years, a 0% financing can be quite attractive. In the case of consumer goods, a 0% financing often leads to the dreaded debt trap.
Are these 0% financings really cheaper than online loans?
Often the question arises whether a 0% financing pays any. Of course, there is no interest on a 0% financing, but the trader may compensate for it with a higher sale price. In this case, it may well be that the 0% financing does not pay off, because the interest savings are overcompensated by high additional costs in the actual purchase. In general, it is therefore worthwhile to make a credit comparison on the Internet and to see if there is somewhere cheaper to buy. Especially in consumer electronics or home furnishings in the higher-priced area financing via an online loan can certainly pay off if the interest costs incurred can be saved on the purchase price.
What about the conditions?
As mentioned above, a 0% financing is essentially in the form of no interest being paid on the financing. However, as a buyer and borrower, you should always check the other costs associated with 0% financing. It is not always guaranteed that a 0% financing is really 100% free. Especially if hidden costs reveal over time or it turns out in retrospect that the purchase made was excessively overpriced, a 0% financing can be a big nuisance.