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No Money Down Offers

A popular marketing trend these days is to offer financing that requires no money down and no interest for a specified time – usually between six and twelve months. Used wisely, this can be a great offer for a consumer.

For those who blindly sign on the dotted line, however, it can become a credit nightmare. With this kind of financing, you are given a deadline for paying off the total amount before finance charges accrue. In most cases, if you miss the deadline, you are immediately responsible for all the interest that would have accrued up to that point.

Your best strategy is to divide the total amount you owe by the number of weeks you have until the deadline. Deposit your weekly amount in a savings account, without fail, until your deadline. You will then have the total amount needed for repayment. This way, your “No Interest” loan won’t haunt you for years down the road.

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