While 0 percent financing isnt usually a scam it can often be difficult to qualify for and thats where many shoppers run into disappointment. Im trying to decide whether to pay cash or finance a new car purchase in a few months.
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Zero percent financing on a new car may seem like a sales pitch thats too good to be true.
How to qualify for 0 percent financing. Provided you can find and qualify for a zero percent car loan. Unfortunately advertisements can be misleading as most 0 interest deals are reserved for individuals with excellent credit usually around 680 or higher. Automakers or dealers will often advertise 0 percent interest for example even when its only available to shoppers with the absolute highest credit scores and a long credit history.
In fact 0 interest auto loans only account for 9 percent of in house financing transactions notes edmunds. Your down payment andor the value of the vehicle youre trading in. The edmunds incentives and rebates page also highlights zero percent financing offers and other promotions for the month.
While even people without perfect credit can qualify for these loans there usually are many more hurdles to securing this deal than other types of interest bearing loan options. How to qualify for 0 interest on an auto loan. The more you put down the lower risk you are says jones.
So if you only have fair to good credit but youve never missed an auto loan payment you may still qualify for 0 apr financing. I have good credit so i shouldnt have any trouble getting financing but i would only want to use a loan if i could get 0 interest for three years or thereabout. For many that is indeed the case.