I have some questions about Nissan Financing for a used 2015 Nissan Leaf. I am not leasing it, but am buying it outright.
The salesman talked me into financing it due to the fact that they gave me a $750 rebate.
However, I stopped using credit long ago but only consented because the salesman said ...
I can put down a large down payment and can make extra payments each month and there is no penalty for paying off early.
The only thing he said was that I had to keep the loan for at least 6 months then I can pay it in full.
I got what they called a tier 3 approval which qualified me for a 6.65% loan. While I know that car dealerships tack on extra points to make more profit, I did check my credit score prior to coming it. My credit score is rated "C" on one bureau and "B" on another. I expected it to be on the low side for the only reason is that I don't use credit and haven't carried a large loan in many years.
So I have a few question for those of you who took the time to dig into the nitty gritty of the Nissan Loan terms ...
1. Is there a person I can talk to regarding the Nissan loan terms who actually work for Nissan, and not the dealer ? I have not actually signed the loan paperwork yet but will probably do so later today unless I find something I don't like when reading the contract.
2. Does anyone know if the salesman is bring truthful about needing to carry the term atleast 6 months ? Does anyone know if I can just pay it off in the first month ? I know 99% of you don't do that, but am still wondering if anyone has any insight?
3. Does anyone know how interest is calculated on the balance ? I don't know if this is done anymore but about 30 years ago when I got a loan from a loan company, they charged me interest on the balance as if I only paid the minimum payment even if I made a larger payment. On a Nissan loan, would I end up paying much less interest overall if I make a large down payment and (more than the minimum) monthly payments ? Or would paying extra not help reduce my interest as in the example from 30 years ago that I gave above?
4. And finally, can anyone confirm that they have had no problems paying off their loan early, even much earlier ?
5. Will the actually earn $750 and not pay much interest with a initial down payment of $4,000 and monthly payments of 1/6 of the remaining balance so I pay off in 6 months ?
Thanks a million ...