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Misleading Financing
Misleading Financing 0% interest!
Advertised financing is often intentionally deceptive. LASIK surgery chains routinely quote- zero down payment with zero interest rate for 18 or 24 months, This does not paint the entire picture because instead of directly charging you interest, the financing fee is buried in the price of the procedure so you are paying it nonetheless. Therefore, while your interest rate is technically zero, the financing costs are built into the cost for the procedure.
In the fine print
You may find long disclosures negating some of the perks of financing. Below is an example:
Offer subject to credit approval. Monthly minimum payments equal to the greater of $10.00 or 3% of purchase price during zero interest period. Interest accrues from date of purchase if not paid within promo period and the standard APR of 22.95% (current APR)(14.74% plus prime rate) will be applied. Default APR 26.95% applies if the minimum payment is not made by payment date two times in any five consecutive billing periods and finance charges will accrue from date of purchase. Other restrictions may apply. Punctal plugs and warranty at an additional cost.