When you are out shopping for big ticket items, they are always trying to convince you to finance.  But just because you can finance, should you really?  Offers of 0% down and no payments for 6 months sure can be tempting, but what does it cost you after those 6 months or even today to qualify for this “deal”? 

You need to make sure to read the fine print before signing on the dotted line as it can end up costing you a lot of money for this type of financing.   Two big details to check for is to see how much in interest you will be paying once the interest free period is up and the other is if the debt is transferrable to a bank or other institution with a lower rate.   This is especially important if you know that you cannot pay the balance in full when the free period is up.   If you know that you have the funds or will have them, then these details are not as important.

Another piece of information to check into on these deals is if there is a cost to apply for the financing or other administrative fees.  This is one way that they are able to make money when they are offering this type of financing.  They also make money when the debt starts collecting interest, as the majority of people are not able to pay in full so they can make quite a bit of money here.