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Are no-interest car loans legit? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with interactive financial calculators and tools as well as publishing objective and original content, by enabling users to conduct research and compare information for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies that pay us. This compensation may impact how and where products appear on the site, such as, for example, the order in which they appear within the listing categories and other categories, unless prohibited by law for our loan products, such as mortgages and home equity and other products for home loans. But this compensation does have no impact on the information we publish, or the reviews that you see on this site. We do not cover the vast array of companies or financial deals that might be available to you. SHARE Adam Gault/Getty Images
3 min read Published September 27, 2022
Kellye Guinan Kellye Guinan. Written Personal and business finance writer Kellye Guinan is a freelance editor and journalist with over five years of experience in personal finance. She is also employed full-time at the local library, where she assists the community to access information on financial literacy, among other topics. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to control their finances with precise, well-researched and well-written information that breaks down complex topics into manageable bites. The Bankrate promise
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Therefore, this compensation may influence the manner, place and in what order products are listed, except where prohibited by law. We also offer mortgage or home equity products, as well as other home loan products. Other factors, such as our own rules for our website and whether a product is available in your region or within your self-selected credit score range could also affect the way and place products are listed on this site. Although we try to offer the most diverse selection of products, Bankrate does not include information about every credit or financial product or service. A lot of dealerships and manufacturers advertise no-interest car loans — so yes they’re real. However, it’s difficult to get a zero percent rate of annual interest (APR). You’ll require a high credit score. You will also have to pay additional fees and charges, so don’t count on the financing with no interest to be free of cost. How does 0% financing work and why it’s a good idea If you take out an auto loan with an APR of 0 percent, you will not pay interest over the entire loan term. It might seem too good to be true, but 0 percent financing isn’t unusual. It’s offered through captive finance companies that the manufacturer has control of. The manufacturer makes use of these companies to attract customers however only a handful of customers are eligible. To make up for money lost on interest this kind of loan is reserved for new models. Buyers must still pay , such as documents, title and license fees. Dealerships can also pressure you to , or an . These aren’t mandatory, so be firm in your decision if you do not want them. Don’t be afraid to bargain over the cost. Zero percent financing is only an aspect of the process for buying a car. What are the requirements to be eligible for 0% financing ? Each lender has their own eligibility criteria. However, meeting these guidelines can strengthen your approval odds: is the primary requirement. The lenders want to make sure that you have a flawless payment history and are managing your debt before they offer you no-interest financing. Credit scores of 781 and greater is the best deal on financing, but you can still qualify for a if your score falls between 661 to 780. A steady source of income is also important. Because the loan period could be only 48 months, resulting in high payments — a lender will require proof that you are able to afford the vehicle payments. You may need a larger down payment. Even if you don’t have to pay a deposit to qualify for loans, many lenders require a large down payment in order to be eligible for a 0 % rate auto loan. They also require the lowest DTI . A low DTI indicates that your earnings are sufficient to cover this new debt in addition to other obligations you might be making. If you are eligible for zero-interest financing is a good choice if you already plan on buying a new or (CPO) vehicle. The majority of manufacturers don’t offer it on the base models, so you’ll be paying extra for features. If you’re eligible then you’ll have to choose to separate from the financing — and then visit the dealership with a financing lender. In this way you’ll be in a position to calculate the amount you’ll save on interest rates with zero percent financing. If you’re able to make the cost and are confident that you will be able to save some thousand on the car you’d like to buy, is the option for you. If not, think about it along with other financing options. There are some disadvantages to a no-interest auto loan A no-interest car loan isn’t always the most efficient way to save money. Dealers and manufacturers are looking to make up for the money they’re losing. You can expect 0% financing to only be available on select models with added features -and with shorter loan terms. Manufacturers offer only limited loan conditions with no-interest auto loans. The standard term is 24 to 48 months. The loans of 60 or 72 months are not common. Since the loan term is shorter and your monthly car payments will be greater . Make sure you are able to pay for the monthly installment. Bonus cash or rebates may not be readily available. While you won’t pay anything in interest, you could miss out on . If total interest is less than the cash rebate or bonus, a no-interest loan will not save you cash. Most no-interest financing is only for cars that are newer than the basic model . Some manufacturers may also offer it for . The bottom line No-interest financing is an effective way to save on a brand new car. If you’ve already made plans to purchase a more expensive car, you’ll be able to save just a few thousand dollars in interest. If you’re willing to accept a higher monthly payment on an ad-hoc loan period, you’ll be safe from paying more on your vehicle than it is worth. However, very few people qualify for an auto loan with no cost of interest. Even if you qualify, you might not save more than you receive through bonus cash or a brand new car rebate. It’s a good idea to secure financing prior to shopping and also to weigh the amount you’ll be spending on interest versus the savings you’ll get with other alternatives. Related Articles: SHARE:
Written by Personal and business finance writer Kellye Guinan is a freelance editor and writer with over five years of experience in personal finance. She is also a full-time worker at her local library where she helps her community access information about financial literacy, as well as other topics. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping their readers gain the confidence to take control of their finances through providing clear, well-researched information that breaks down otherwise complex topics into digestible chunks.
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