“They’re basically lending me money for free.”
Ummm..no. You bought a vehicle and they have you on the hook for the debt. If anything goes wrong, they have it set up to nail you. If you miss a payment or if they process a payment late, the .9% will become something much higher.
The 0% rate loans are designed to attract people who might miss a payment. Pay early and often to really screw them. :)
And I also have approx. $23,500 currently remaining in my bank account that I otherwise would not have had. So, they are really lending me that money for free (considering the loan and bank interests basically cancel out).
And yes, I am on the hook for the remainder on a vehicle. That’s what’s called a “loan”, in this case for free.