As you have seen on the website or elsewhere that we have advertised that Byblos Motors does not charge any interest; Well what does that really mean?
Interest basically means an interest payment you are being charged for being lent funds or financing a car on top of your loan amount. FOR EXAMPLE, you buy a car for 12k you pay 2 down you owe $10k loan
off with basic payments of $300 it will take you 33 months, which is 2 years and 7 months just about, so when you buy a vehicle for 5 years the other 2 years and 5 months are extra money you are paying for interest.
A LOAN ON A VEHICLE THAT IS 12K AND YOU PAY 2K DOWN YOU OWE 10K WITH BASIC PAYMENT OF 300$ YOU WILL PAY IT OFF IN 33 MONTHS WHICH IS 2 YEARS AND 7 MONTHS ONLY NO INTEREST ADDED.
WELL, WHAT ABOUT THE OTHER 3 YEARS AND 5 MONTHS? WELL YOU CAN ALWAYS GET YOURSELF ANOTHER CAR YOU WANT WITH THE MONEY YOU HAVE SAVED
YOU ARE WELCOME 😉