oh my goodness can someone please explain this sentence in English????
Payment Option 1: You can finance the car for 60 months with no interest if you make a $2,000 down payment.
----i just need a better explaination of the sentence----

Question

oh my goodness can someone please explain this sentence in English???? 
Payment Option 1: You can finance the car for 60 months with no interest if you make a $2,000 down payment. 
----i just need a better explaination of the sentence----

whpalmer4 · Answer

Pay $2,000 up front.  Then make 60 monthly payments on the balance, each payment consisting of (loan amount - 2000)/60.

For example, if you borrowed 14,000 dollars under this plan, you would pay 2,000 as you signed the paperwork, and make 60 monthly payments of (14,000-2,000)/60 = 200.  No interest involved.

amistre64 · Answer

no interest loans arent necessarily "no interest:

whpalmer4 · Answer

There's no interest on the principal.  You will almost certainly pay other fees, probably up front — one shouldn't assume that no interest means no cost.  You'll probably have a loan origination fee, a credit check fee, maybe a paperwork fee, and the dealer / entity loaning you the money will make some profit off the fees to offset the interest they aren't charging you.

whpalmer4 · Answer

Also, you'll want to examine the loan contract carefully to determine if the rate being advertised is for the entire duration of the loan!