Hi PF, I am in a sticky situation and I think I could use some help making me decision easier. So far I've tried doing some research and it seems like the correct move, however, it seems way too easy. There must be a catch.

I have a car I bought last year, new, and my interest is 3.39%. I am stupid and took 8 years. Due to a previous accident I have a lot of negative equity. Currently my car is worth 25k and I owe 46k. Long story short here, my question is:

If I get a new car at 0%, for same price as my vehicle is worth. Would I save a significant amount of money? The catch at the Ford dealership is only 60 months financing. I have done some quick math of my overall debt over 5 years of 26 payments (biweekly) and I can definitely afford the increased payment to get out of debt a heck of a lot faster and not be paying money to the banks. This all seems too easy though. What am I missing? Or is this ideal/smart?

Last thing I will add, I live in Canada and I am moving down to the states in a year and a half because my girlfriend will be going to Law school there. Should I wait to buy a car in America or it really doesn't matter? Only thing I can think of is the odometer being slightly different.

Thank you!