Decoding the "$99 Down, $99 a Month" Mitsubishi Deal: What You Need to Know
The alluring "$99 down, $99 a month" advertisement for Mitsubishi vehicles often catches the eye, promising seemingly affordable car ownership. However, understanding the fine print is crucial to avoid hidden costs and potential pitfalls. This detailed guide will dissect this popular financing offer, answering common questions and helping you make an informed decision.
What's the Catch? Is it Really That Simple?
While the low monthly payment and down payment are enticing, this type of financing usually involves several factors that significantly impact the total cost. It's rarely as straightforward as it sounds. The advertised price usually applies to specific models, years, and financing terms. You might find the $99 down and $99 monthly payments are only available for a shorter-term loan, leading to a higher interest rate and a potentially inflated overall price.
What Types of Mitsubishi Vehicles Qualify for this Deal?
This is a crucial question. The "$99 down, $99 a month" offer is rarely available across the entire Mitsubishi range. Typically, it applies to older models, vehicles with higher mileage, or specific trim levels. Newer, more popular models will likely have higher down payments and monthly installments. Always confirm the exact vehicle and model year eligible for this promotion with your local dealership.
What is the Length of the Loan Term in these Offers?
The loan term significantly influences the total cost. A shorter loan term (e.g., 24 or 36 months) will result in higher monthly payments but a lower overall interest paid. Conversely, a longer loan term (e.g., 72 or 84 months) will lower monthly payments but increase the overall interest paid, potentially making the vehicle cost much more in the long run. Deals advertising $99 a month often involve longer loan terms.
What are the Interest Rates Like on These Types of Deals?
Expect higher interest rates on these types of promotional financing deals. To offer such low monthly payments, lenders often compensate by charging a higher interest rate. This can make the final price significantly more than if you were to secure a loan with a lower interest rate through alternative financing options. Carefully compare the APR (Annual Percentage Rate) from different lenders before committing.
What are the Total Costs (including interest)?
This is the most important factor to consider. While $99 down and $99 per month might seem appealing, calculate the total cost over the entire loan term, including interest. This will give you a true understanding of the vehicle's final price. Don't be swayed solely by the low monthly payment.
Can I afford the additional fees, taxes, and other costs associated with the purchase?
Remember, the advertised price doesn't usually encompass all associated fees. Taxes, registration fees, and other dealer fees can quickly add to the total cost, making the overall price significantly higher than anticipated. Factor in these costs when assessing the affordability of the vehicle.
What other financing options are available?
Explore other financing options to compare. Shop around and compare offers from different lenders and dealerships. This will allow you to determine if the "$99 down, $99 a month" offer is truly the best deal for you, or if a different financing plan would be more cost-effective in the long run.
In Conclusion:
While the "$99 down, $99 a month" Mitsubishi deal is an attractive proposition, it's essential to understand the associated fine print and hidden costs. Thorough research, comparison shopping, and a realistic assessment of your financial situation are critical before committing to any financing plan. Remember, the cheapest monthly payment doesn't always equate to the cheapest overall price.
