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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 decisions by offering interactive tools and financial calculators that provide objective and unique content. This allows you to conduct research and compare data for free and help you make informed financial decisions. Bankrate has agreements with issuers such as, 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 are provided by companies that pay us. This compensation may impact how and when products are featured on this site, including for instance, the order in which they appear in the listing categories, except where prohibited by law. Our loans, mortgage,, and other home lending products. But this compensation does have no impact on the information we provide, or the reviews you see on this site. We do not contain the entire universe of businesses or financial offers that may be open 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 an editor and writer on a freelance basis with over five years of experience in personal finance. She is also employed full-time at the local library where she helps her community access information about financial literacy, among other topics. Edited 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 to manage their finances through providing clear, well-researched facts that break down complicated topics into bite-sized pieces. The Bankrate promises

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We are compensated in exchange for placement of sponsored products and, services, or through you clicking certain hyperlinks on our website. Therefore, this compensation may impact how, where and in what order products are displayed within the categories of listing and categories, unless it is prohibited by law. This is the case for our mortgage home equity, mortgage and other home lending products. Other factors, like our own rules for our website and whether a product is offered in your area or at your self-selected credit score range may also influence the way and place products are listed on this website. While we strive to provide an array of offers, Bankrate does not include specific information on every credit or financial products or services. Many dealerships and manufacturers offer zero-interest car loans — so yes they’re legitimate. But it is difficult to get a zero percent rate of annual interest (APR). You’ll need a great credit score. You will also have to pay other fees and charges, so don’t count on the financing with no interest to be free of costs. What is 0% financing and why it’s a good idea If you obtain an auto loan with an APR of zero percent, you will not have to pay any interest throughout the loan term. It may sound too good to be true, but 0 percent financing isn’t uncommon. It’s offered through captive finance companies that the manufacturer has control of. The manufacturer uses these to attract customers, but only a few individuals are eligible. To make up for any interest that is not paid, this type of loan is reserved for new models. Buyers still have to be responsible for the costs, including documents, title and licensing fees. Dealerships might also try to force you to , or an . These are optional and you should be clear in your decision if you do not want them. And don’t be afraid to bargain over the cost. Zero percent financing only covers a small portion of the buying process. How to qualify for financing at 0%? Each lender has unique eligibility criteria. But, following these guidelines will increase your chances of approval: is the primary condition. The lenders want to make sure that you have a flawless payment history and are managing your debt before they offer you no-interest loans. Credit scores of 781 and greater is the best offer on financing, however you are still eligible for financing if your credit score falls between 661 and 780. An income that is steady is also important. Because the loan period could be only 48 months, resulting in high payments — a lender will require proof that you have the funds to make your car payments. You might require a higher down amount. Even if you don’t have to put money down to be eligible for financing, many lenders require a substantial down payment in order to be eligible for a 0 % rate auto loan. The lenders also require an extremely low . A low DTI proves that your income is sufficient to cover this new debt in addition to other obligations you might be making. When is the best time to apply for 0% financing No-interest financing is a great option when you are already planning to buy a new or (CPO) vehicle. The majority of manufacturers don’t offer it on base models, so you’ll be paying extra for features. If you’re eligible for financing, you’ll need to separate from the financing — and visit the dealer with financing from a lender. By doing this, you’ll be able to determine the amount the interest you’ll pay rates with the 0% financing. If you can afford the monthly cost and you know you’ll be able to save some thousand on the car you’d like to purchase, then this is the most suitable option. Otherwise, consider it carefully alongside other financing alternatives. There are some disadvantages to a no-interest auto loan A no-interest car loan isn’t always the best option to save money. Dealers and manufacturers want to compensate for the loss of money. Expect 0 percent financing to only be offered on certain models with additional features- and for shorter loan timeframes. Manufacturers can offer limited loan conditions with no-interest auto loans. The standard period is between 24 and 48 months. A loan of 60 or even 72 months are uncommon. Since your loan term is shorter and your monthly car payments will be greater . Ensure that you can manage the monthly payments. Rebates or bonus cash are not always readily available. Although you’ll not pay in interest, you could be missing out on a . If the total interest is lower than the bonus or rebate cash, a no-interest loan won’t save cash. Most no-interest financing is only for new cars beyond the basic model . Some companies may also provide it for . The bottom line No-interest financing can be a solid method to save on a brand new car. If you’re already planning to purchase a more expensive model, you can avoid paying a few thousand in interest. If you’re okay with having a larger monthly payment for an ad-hoc loan period, you’ll be able to pay less on your vehicle than it is worth. There are a few who are able to get a car loan that is not subject to interest. If you are however, you may not save the amount you get through bonuses or a new car rebate. It pays to get financing prior to shopping and also to weigh the amount you’ll pay for interest and the savings you’ll get with other options. Related Articles: SHARE:

Written by Business and personal Finance Contributor Kellye Guinan is a freelance editor and writer with over five years ‘ experience within personal finance. She is also employed full-time at the local library where she helps people in her community get information on financial literacy, in addition to other subjects. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping their readers gain the confidence to control their finances through providing precise, well-researched and detailed information that breaks down otherwise complex topics into digestible chunks.

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