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Are no-interest car loans legit? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering interactive financial calculators and tools as well as publishing objective and original content, by enabling you to conduct research and compare data for free – so that you can make informed financial decisions. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this website come from companies that compensate us. This compensation can affect the way and when products are featured on this site, including such things as the order in which they be listed within the categories of listing, except where prohibited by law for our mortgage, home equity, and other home loan products. However, this compensation will not influence the information we publish, or the reviews appear on this website. We do not contain the universe of companies or financial deals that might be accessible to you. SHARE Adam Gault/Getty images

3 min read Published September 27, 2022

Writer: Kellye Guinan Written by Personal and Business Finance writer Kellye Guinan is a freelance editor and writer with more than five years’ experience in personal finance. She is also an employee full-time at her local library where she helps the community to access information on financial literacy, as well as other topics. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers feel confident to take control of their finances by providing precise, well-researched and well-written facts that break down complex topics into manageable bites. The Bankrate guarantee

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This compensation could impact how, where and when products appear within listing categories, except where prohibited by law. This is the case for our mortgage home equity, mortgage and other products for home loans. Other elements, such as our own rules for our website and whether or not a product is offered in the area you reside in or is within your self-selected credit score range can also impact how and where products appear on this site. We strive to provide a wide range offers, Bankrate does not include details about every financial or credit products or services. Plenty of manufacturers and dealerships offer zero-interest car loans and, therefore, they are legit. However, it’s difficult to qualify for a 0 percent annual percentage rate (APR). You’ll need a good credit score. Additionally, you’ll have to pay for other charges and charges, so don’t count on zero-interest financing to come at no costs. How 0% financing works and the reasons why it’s legitimate If you take out an auto loan with an APR of zero percent, you won’t have to pay any interest throughout the loan duration. It might seem too good to be true however, 0% financing isn’t a rare thing. It’s provided by captive finance companies that the manufacturer owns. The manufacturer utilizes these to draw in buyers, but only a few individuals are eligible. To make up for money lost on interest, this type of financing is only available to new models. Buyers are still required to pay for the documentation, title, and license fees. Dealerships may also press you to sign an . These are optional therefore be assertive when you decide not to. Be sure to bargain over the price. Zero percent financing is only an aspect of the buying process. What are the requirements to be eligible for 0% financing ? Each lender has their own eligibility criteria. If you meet these criteria, it will increase your chances of approval: is the primary requirement. They want to know that you have a perfect track record of paying your bills and managing your debt prior to offering you no-interest loans. If your credit score is 781 or higher will get you the best offer on financing, however you are still eligible for a if your score is between 661 and 780. An income that is steady is essential. Because your loan period could be only 48 months, which could result in high payments — a lender will need to be sure you are able to afford the vehicle payments. You might require a higher down payment. Even if you don’t have to make a down payment to qualify for loans, many lenders require a substantial down payment to qualify for a 0 percent interest auto loan. The lenders also require the lowest DTI . A low DTI proves that your income is sufficient to cover this new debt in addition to other obligations you may be making. If you are eligible for zero-interest financing is an excellent option if you already plan to purchase a brand either a new or (CPO) vehicle. Manufacturers typically don’t offer it on the base models, so you’ll be paying for additional features. Provided you qualify, you’ll want to separately from the financing — and then visit the dealership with financing from a lender. By doing this you’ll be in a position to determine precisely how much the interest you’ll pay with zero percent financing. If you’re able to afford the payment and know you’ll be able to save some thousand on the vehicle you’d like purchase, this is the best way to go. 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 the only method to save. Manufacturers and dealerships want to compensate for the money they’re losing. Expect 0 percent financing to only be available on select models with additional featuresas well as for shorter loan timeframes. Manufacturers will offer only limited loan terms with no-interest car loans. The standard period is between 24 and 48 months. A loan of 60 or even 72 months are not common. Since the loan duration is shorter the monthly car payment will be greater . Ensure that you can manage the monthly payments. Cash rebates or bonuses are not always available. Although you’ll not pay in interest, you’ll likely not be able to get a . If total interest is less than the rebate or bonus cash or bonus cash, a no-interest loan won’t save the money. The majority of no-interest financing is for new vehicles that go beyond the base model . Some manufacturers may also offer it to . In the end, 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 model, you could get rid of just a few thousand dollars in interest. And if you don’t mind having a larger monthly payment for an ad-hoc loan period, you’ll be protected from paying more on your vehicle than it is worth. There are a few who can qualify for the car loan that is not subject to interest. Even if you qualify it, you won’t save as much as you would receive through bonus cash or a brand new car rebate. It’s best to obtain financing before you start shopping, and to compare what you’ll be spending on interest versus what you’ll save with other alternatives. Related articles: SHARE:

Written by Personal and business Finance contributor Kellye Guinan is a freelance editor and writer with more than five years of experience in personal finance. She is also a full-time worker at her local library, where she assists the community gain access to information on financial literacy, among other topics. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping their readers to manage their finances by providing concise, well-researched, and well-researched content that breaks down otherwise complex topics into digestible chunks.

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