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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 offering interactive tools and financial calculators that provide objective and unique content. This allows users to conduct research and compare information at no cost and help you make financial decisions with confidence. 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 site are from companies who pay us. This compensation can affect the way and when products are featured on the site, such as, for example, the order in which they may be listed within the categories of listing and other categories, unless prohibited by law. Our loan products, such as mortgages and home equity, and other products for home loans. But this compensation 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 deals that might be available to you. SHARE Adam Gault/Getty images

3 minutes read. Published September 27 2022

Kellye Guinan 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 of experience in personal financial planning. She is also an employee full-time at her local library, where she assists the community to access information on financial literacy, among other subjects. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers to manage their finances with precise, well-researched and well-written facts that break down complex subjects into digestible pieces. The Bankrate promises

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If you have questions about money. Bankrate has answers. Our experts have been helping you master your money for over four years. We continually strive to give our customers the right advice and tools needed to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct standard of conduct, so you can rest assured that our content is truthful and precise. Our award-winning editors, reporters and editors provide honest and trustworthy content that will help you make the right financial choices. The content created by our editorial staff is objective, truthful and uninfluenced through our sponsors. We’re transparent about the ways we’re in a position to provide quality content, competitive rates, and useful tools to you by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services or through you clicking certain hyperlinks on our site. This compensation could impact how, where and in what order products are listed and categories, unless it is prohibited by law. This is the case for our mortgage or home equity products, as well as other home lending products. Other factors, such as our own proprietary website rules and whether a product is available within your region or within your personal credit score may also influence how and where products appear on this website. While we strive to provide the most diverse selection of products, Bankrate does not include details about every financial or credit products or services. Many dealerships and manufacturers offer no-interest auto loans which means that, yes they’re legitimate. It isn’t easy to be eligible for a 0 per cent annual percentage rate (APR). You’ll require a high credit score. Also, you’ll need to pay for other charges, so don’t expect no-interest financing to be without cost. 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’ll not have to pay interest over the entire loan duration. It may seem too good to be real however, 0% financing isn’t uncommon. It’s provided by captive finance companies that the manufacturer owns. The manufacturer utilizes these to attract customers however, only a small number of people can qualify. To compensate for the any interest that is not paid the type of financing is reserved for new models. Buyers still have to pay for documentation, title and licensing fees. Dealerships may also press you to sign an . These aren’t mandatory therefore be assertive if you don’t want them. And don’t be afraid to bargain over the cost. Zero percent financing only covers one aspect of the car-buying process. How do you qualify for 0% financing Each lender has its own eligibility requirements. But, following these guidelines will increase your chances of approval as the most important prerequisite. The lenders want to make sure your near-perfect track record of paying your bills and handling your debt before offering you no-interest financing. A credit score of 781 or higher is the best deal on financing, but you are still eligible for a loan if your score is between 661 and 780. An income that is steady is essential. 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 payment. You might require a higher down payment. Even if there isn’t a requirement to pay a deposit to be eligible for loans, many lenders require a large down payment in order to be eligible for a 0 % rate auto loan. Lenders also want to see the lowest DTI . A low DTI indicates that your earnings are sufficient to cover this new debt in addition to other obligations you may be making. When is the best time to apply for 0% financing No-interest financing is a good choice for those who are planning to buy a fresh or (CPO) vehicle. The majority of manufacturers do not offer it on the base models, so you’ll be paying for extra features. Provided you qualify, you’ll want to separately from the financing and come to the dealership with a financing lender. By doing this you’ll be able estimate precisely how much the interest you’ll pay using the 0% financing. If you’re able to make the monthly cost and you know you’ll be able to save some thousand dollars on the car you’d like to buy, is the most suitable option. In other cases, you should consider it in conjunction with other financing alternatives. There are some disadvantages to a no-interest auto loan A no-interest auto loan isn’t always the best option to save money. Dealers and manufacturers want to make up for the money they’re losing. Expect 0 percent financing to only be available on select models that have added features- and for shorter loan terms. Manufacturers offer limited loan terms with no-interest car loans. The standard duration is between 24 and 48 months. The loans of 60 or 72 months are rare. Because your loan term is shorter, your monthly car payment will be greater . Make sure you are able to manage the monthly payments. Bonus cash or rebates are not always accessible. Even though you’ll pay nothing in interest, you’ll likely miss out on . If the total interest is lower than the bonus or rebate cash, a no-interest loan won’t save money. Most no-interest financing is only for new cars beyond the basic model . Certain manufacturers might also offer it for . 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 car, you’ll be able to avoid paying just a few thousand dollars in interest. And if you don’t mind a higher monthly payment on a shorter loan term, you should be able to pay less for your car than it is worth. But, only a handful of people qualify for the car loan that is not subject to interest. If you are, you might not save more than you be able to with bonus cash or a new car rebate. It pays to get financing prior to shopping and also to weigh the amount you’ll spend on interest versus what you’ll save with other options. Related Articles: SHARE

Written by personal and business financial Contributor Kellye Guinan is a freelance editor and writer with over five years ‘ experience within personal finance. She’s also a full-time worker at her local library, where she assists people in her community get information on financial literacy, in addition to 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 to control their finances by providing clear, well-researched information that break down complex topics into digestible chunks.

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