You can find zero finance cars. Zero percent financing on a new car may appear to be an all-too-good-to-be-true sales pitch.
For many people, this is the case. While even those with bad credit can get these loans, there are normally a lot more barriers to overcome than with other types of interest-bearing loans.
Do your homework before going into a dealership to test drive cars and crunch numbers for the best results.
Zero Finance Cars for Good Credit Score
Only customers with excellent FICO scores are eligible for zero-percent financing. The exact figure varies per dealer, but credit scores in the 700-720 range, if not higher, are often expected.
Before you go automobile shopping, check your credit report for any problems or inaccuracies so you may get the greatest interest rate.
Bring a copy of the report, as well as your photo ID and any documented loan offers you’ve received from competitors or private finance cars. This puts you in a better position to make a good bargain.
Analyze the Data
Special discounts and rebates can sometimes be more financially appealing than zero percent financing, especially if you already qualify for a cheap interest rate.
You can use dealer incentives to put down a larger down payment and lower your monthly payments, or you can save the money for something else.
To get the greatest results, do some research on new car costs and current incentive programs before going to the dealership.
This way, you’ll know what’s available when you walk in. Some companies will give them to you right away, while others will only give them to you if you specifically ask for them.
Be Prepared to Bargain
You may be ineligible for other special bonuses such as cash-back rebates or dealer incentives if you qualify for a zero percent interest rate.
Vehicles and extras covered by zero percent financing are occasionally limited by new car dealers. You may be obliged to accept a loan for a shorter duration than usual, such as 24 to 36 months vs 48 to 72 months for a traditional loan.
As a result, your monthly payments will be greater. Ask for exactly what you want during negotiations, but know ahead of time what your final price point and terms are for reaching an agreement. The bargaining process will be less stressful as a result.
If you want to get zero finance cars, you need to be brave to try and walk.