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Are no-interest car loans legit? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive financial calculators and tools that provide objective and unique 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 such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that are advertised on this site are from companies that pay us. This compensation could affect how and where products appear on the site, such as for instance, the order in which they may appear in the listing categories, except where prohibited by law for our loan products, such as mortgages and home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews you read on this site. We do not include the vast array of companies or financial offers that may be available 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 of experience in personal financial planning. She also is a full-time worker at her local library, helping her community access information about financial literacy, as well as other topics. 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 feel confident to manage their finances with precise, well-researched and well-written information that breaks down otherwise complex topics into manageable bites. The Bankrate guarantee

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We are compensated in exchange for the promotion of sponsored goods and services or through you clicking certain links posted on our site. Therefore, this compensation may affect the way, location and when products are displayed within the categories of listing in the event that they are not permitted by law. We also offer mortgage, home equity and other products for home loans. Other factors, like our own proprietary website rules and whether the product is available in your region or within your personal credit score can also impact the way and place products are listed on this website. Although we try to offer the most diverse selection of products, Bankrate does not include details about each credit or financial product or service. Plenty of manufacturers and dealerships offer no-interest auto loans — so yes they’re legitimate. It isn’t easy to qualify for a 0 per cent annual percentage rate (APR). You’ll need a great credit score. You will also have to pay for other charges and charges, so don’t count on the financing with no interest to be free of costs. How does 0% financing work and the reasons why it’s legitimate If you obtain an auto loan with an APR of 0 percent, you will not pay interest over the entire loan duration. It may sound too good to be true however, 0% financing isn’t uncommon. It’s offered through captive finance companies, which the manufacturer has control of. The manufacturer uses these to draw in buyers however only a handful of customers are eligible. To make up for money lost on interest the type of loan is reserved for new models. Buyers are still required to pay , such as documents, title and licensing fees. Dealerships can also pressure on you to pay, or offer . They are not mandatory and you should be clear when you decide not to. Don’t be afraid to discuss the total cost. Zero percent financing is only a small portion of the buying process. How do you qualify for 0% financing Each lender has its own eligibility requirements. But, following these guidelines can strengthen your approval odds which is the main requirement. They want to know that you have a flawless track record of paying your bills and managing your debt prior to offering you no-interest loans. A credit score of 781 or greater is the best offer on financing, however you are still eligible for financing if your credit score falls between 661 and 780. A steady source of income is also important. Because the loan duration could be 48 months, which could result in high interest rates, a lender will require proof that you have the funds to make your vehicle payments. You may need a larger down payment. Even if you aren’t required to make a down payment to qualify for loans, many lenders require a substantial down payment to qualify for a 0 % car loan. The lenders also require the lowest DTI . A low DTI proves that your income is enough to pay for this new debt, in addition to any other payments you might be making. If you are eligible for zero-interest financing is a great option when you are already planning to buy a fresh or (CPO) vehicle. The majority of manufacturers do not offer it on the base models, and you’ll end up paying for extra features. Provided you qualify then you’ll have to choose to separate from the financing and then visit the dealership with financing from a lender. By doing this, you’ll be able to determine the amount savings you’ll make on interest rates with the 0% financing. If you’re able to make the cost and are confident that you will save a few thousand dollars on a car you want to purchase, then this is the way to go. Otherwise, consider it carefully alongside other financing options. The negatives of a no-interest car loan A no-interest auto loan isn’t the only way to save money. Dealers and manufacturers are looking to make up for the money they’re losing. Expect 0 percent financing to only be available on selected models that have added featuresas well as for shorter loan timeframes. Manufacturers offer limited loan conditions with no-interest auto loans. The usual period is between 24 and 48 months. The loans of 60 or 72 months are uncommon. Because the loan period is shorter the monthly car payment will be greater . Make sure you are able to afford the monthly payment. Cash rebates or bonuses may not be accessible. Even though you’ll pay nothing in interest, you could not be able to get a . If total interest is less than the cash rebate or bonus, a no-interest loan won’t save money. The majority of no-interest financing is for new cars beyond the base model . Certain manufacturers might also offer it on . A no-interest loan is a great method to save on a new vehicle. If you’re already planning to purchase a more expensive model, you could get rid of thousands of dollars in interest. And if you don’t mind a higher monthly payment on a shorter loan period, you’ll be protected from paying more for your car than what it’s worth. But, only a handful of people qualify for an auto loan that is not subject to interest. Even if you do, you might not save more than you be able to with bonus cash or a new car rebate. It pays to get financing before you start shopping and also to weigh the amount you’ll spend on interest versus the savings you’ll get with other alternatives. Related Articles: SHARE

Written by Business and personal financial contributor Kellye Guinan is a freelance editor and writer who has more than five years of experience in personal financial planning. She is also employed full-time at the local library, where she assists people in her community get information on financial literacy, as well as other subjects. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers feel confident to manage their finances with concise, well-researched, and well-researched content that break down complex topics into manageable bites.

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