If you pay it off in a year, the extra 2% will cost you about $300.00.
What you could have done was take the loan from the bank and paid off the dealership loan. I did that on two occasion to negotiate a better deal and take the car home same day.
Two things to consider:
1. On a new car, the bank may consider it a used car loan as you are paying off an existing loan. Rates may not be as good. If it is a used car, it is still a used car.
2. You will need to have put something down on the car.
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