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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 smarter financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content. This allows you to conduct your own research and compare information for free to help you make informed financial decisions. Bankrate has agreements with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies that pay us. This compensation can affect the way and when products are featured on the site, such as for instance, the order in which they appear in the listing categories, except where prohibited by law. Our mortgage, home equity and other home lending products. This compensation, however, does affect the information we provide, or the reviews that you see on this site. We do not include the universe of companies or financial offerings that could be open to you. SHARE Adam Gault/Getty images

3 min read Published September 27, 2022

Written by Kellye Guinan. Written by Personal and business finance Contributor Kellye Guinan is an editor and writer on a freelance basis with more than five years’ experience in personal financial planning. She also is employed full-time at the local library, helping people in her community gain access to information on 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 the end of 2021. They are passionate about helping readers feel confident to manage their finances with clear, well-researched information that breaks down complex topics into manageable bites. The Bankrate guarantee

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This compensation could affect the way, location and in what order products appear within listing categories, except where prohibited by law. This is the case for our mortgage, home equity and other products for home loans. Other elements, such as our own website rules and whether or not a product is offered in your area or at your own personal credit score could also affect the manner in which products are featured on this site. We strive to provide the most diverse selection of products, Bankrate does not include specific information on each credit or financial products or services. A lot of dealerships and manufacturers advertise no-interest car loans and, therefore they’re legitimate. However, it’s difficult to be eligible for a 0 percent annual percentage rate (APR). You’ll need a good credit score. Also, you’ll need to pay other fees and charges, so don’t count on the financing with no interest to be free of cost. 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 pay interest over the entire loan period. It may seem too good to be real however, 0% financing isn’t uncommon. It’s available through captive finance companies that the manufacturer has control of. The manufacturer makes use of these companies to draw in buyers however only a handful of people can qualify. In order to make up for money lost on interest this kind of financing is only available to new models. Buyers must still pay , such as the documentation, title, and license fees. Dealerships can also pressure on you to pay, or offer . These are optional and you should be clear if you don’t want them. Be sure to bargain over the cost. Zero percent financing only covers a small portion of the buying process. How do you qualify 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 condition. Lenders want to ensure your perfect history of making payments and managing your debt prior to offering you no-interest loans. A credit score of 781 or higher is the best deal on financing, but you are still eligible for a if your score falls between 661 and 780. A steady source of income is essential. Because your loan period could be only 48 months, resulting in high payments — a lender will need to be sure you are able to afford the car payment. It is possible that you will require a bigger down amount. Even if there isn’t a requirement to make a down payment to qualify for credit, some lenders will require a substantial down payment in order to be eligible for a 0 % car loan. The lenders also require an extremely low . A low DTI indicates that your earnings are sufficient to cover this new debt atop other payments you might be making. If you are eligible for no-interest financing at 0% is an excellent option for those who are planning to buy a either a new or (CPO) vehicle. The majority of manufacturers do not offer it on the base models, which means you’ll be paying for extra features. If you’re eligible then you’ll have to choose to separate from the financing — and visit the dealer with financing from a lender. This way you’ll be able estimate precisely how much you’ll save on interest using the 0% financing. If you’re able to afford the cost and are confident that you will get a couple of thousand dollars on the car you’d like to purchase, then this is the most suitable option. Otherwise, consider it carefully in conjunction with other financing alternatives. Downsides to a no-interest car loan A no-interest auto loan isn’t always the best way to save money. Manufacturers and dealerships want to compensate for the money they’re losing. You can expect 0% financing to only be offered on certain models with added features -as well as for shorter loan terms. Manufacturers can offer restricted loan terms with no-interest car loans. The standard duration is between 24 and 48 months. The loans of 60 or 72 months are uncommon. Since your loan period is shorter and your monthly car payments will be higher . Ensure that you can afford the monthly payment. Bonus cash or rebates may not be accessible. Even though you’ll pay nothing in interest, you’ll not be able to get a . If the total interest is lower than the bonus or rebate cash or bonus cash, a no-interest loan isn’t going to save cash. Most no-interest loans are only for new vehicles that go beyond the base model . Some manufacturers may also offer it on . In the end, no-interest financing can be a solid way to save on a new vehicle. If you already have plans to get a pricier car, you’ll be able to avoid paying a few thousand in interest. If you’re willing to accept a higher monthly payment on an ad-hoc loan period, you’ll be able to pay less on your vehicle than what it’s worth. There are a few who are able to get the car loan that is not subject to charges. Even if you qualify it, you won’t save the amount you get through bonuses or a new car rebate. It’s best to obtain financing prior to shopping and between what you’ll spend on interest versus what you’ll save with other options. Related Articles: SHARE:

Written by Business and personal finance contributor Kellye Guinan is a freelance editor and writer who has more than five years ‘ experience within personal finance. She also is employed full-time at the local library, helping the community gain access to information on financial literacy, as well as other topics. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain the confidence to control their finances with precise, well-researched and detailed information that breaks down complicated subjects into bite-sized pieces.

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