Chosen by Asker

580 is a pretty crappy score - perhaps your debt to income ratio is lopsided. In any event if they advanced you that money, it's probably partially a promotion and/or it has an insane APR. The no interest is probably for a fixed amount of time(like a year or 6 months)...if you don't pay it off in a year(or whatever time frame is on there)and just pay the minimum payment...if there is one.Then APR goes up to say 20%...you will owe all the back interest for the past year or 6 months. You will end up owing almost $4000 for a $3000 TV. However if you plan to pay off the TV in the amount of time that it is interest free....do it. Otherwise...I would pass. YOU NEED TO READ THE TERMS OF THE AGREEMENT Used vehicles generally have high APRs. All the cars we've bought from dealerships have been brand new because they had 0.9% APR for 5 years. But installment loans generally look better on your credit than revolving loans(credit cards). Plus it is easier to get approved for an installment loan most of the time. Oh...I'm 24 - just be careful. There's a lot of tricky things with these type of promotions. Plus more than likely they are pushing it on you so they will make a comission. My boss always tells me "If you don't have the cash in the bank, you shouldn't be buying it".

Source(s)

Husband is a Finance Manager Also had a Davids Bridal Card & Circuit City Card with the same promotion it sounds like you would get. We paid both off prior to the Interest Rate going up.

by Corpsegirl

5 months ago

Asker's Rating: 

Dont get carried away with the car yet! It does sound a bit crazy that with your score (no offense) they would approve you for that much but my suggestion is to see if maybe something has changed in your credit report that caused your score to go up, another thing how much interest are you going to be paying for the purchase you already made.....believe me I know it's exciting to be able to obtain credit but think about it before you try for the no interest deal or a car

by K.C.- 5 months ago

Sounds like you're dealing with one of the places that approves everyone, and then rips them off big-time by charging very high interest, handling charges, and prices, and repossessing the equipment at the first opportunity--the type of store that gets investigated by reporters from tv news stations. I'll bet it wasn't Best Buy, WalMart, or Sears, but instead a small local store. Deal with them at your own risk! If you do decide to purchase from them, study the purchase agreement closely (better yet, get a copy to take home first). Bet you'll find a lot of lawyer talk that amounts to "We're going to rob you blind kid!"

by DON W- 5 months ago