Buying a car has become more complicated recently because interest rates and APRs are constantly increasing, preventing the majority of the population from purchasing their vehicle.
Some dealerships still benefit their customers by offering a 0% APR, but you should know the exceptions to avoid falling into scams and paying for your vehicle at a higher price.
The best 0% APR financing offers for your vehicle
Interest rates for purchasing a new car have increased considerably; the average APR for a 60-month car purchase is at least 4% for customers with excellent credit.
With that figure in mind, if you find a 0% offer for 60 months, the savings is approximately $4,000 in interest if the vehicle costs $40,000. The best options currently are:
Ford Edge financing for any SUV
SUV is the acronym for sports Utility vehicles, so Ford EDGE financing is for all cars that fall into the SUV classification. Until July 5, you can enjoy 0% APR for 72 months and a $3,000 rebate.
You’ll find the mid-level SEL, the luxury Titanium, and the base SE within the available models. Some users are looking for the sporty ST, but it is the most difficult to find at dealerships.
Furthermore, remember that Ford offers a $1,000 bonus on almost all models when you order them directly from the factory.
Chevrolet Equinox 0% APR financing for 60 months
Chevy dealer offers you will find on the 2022 Equinox; you can find it at any dealership in the country. The mid-range L model is the easiest to find and has the best price.
Chevy does not offer cash back but has 0% financing for 60 months on its 2022 Equinox, one of the most attractive models of the moment. If you need funding for longer, the APR will be 1.9%.
Toyota Mirai 0% APR financing for 72 months
The Toyota Mirai hydrogen fuel cell electric car is only available at California dealerships with 0% APR. It’s worth the trip to California to enjoy the zero interest and manufacturer’s incentive for up to $25,000.
How do I qualify for 0% APR at the dealership?
Zero financing offers are appealing to all shoppers. However, you must make sure you qualify according to the conditions and requirements imposed by the dealership. It is essential to have excellent credit; you should have a score of 800 or higher.
Although each lender has their requirements regarding credit score and this will be disclosed to you by the dealership when they show you the essentials. You will need to submit information such as:
- Debt-to-income ratio
- Verification of income and address
- Employment history
When you submit all the information, the dealer and the lender will take the necessary time to evaluate the documents and determine if you have the capabilities to acquire the vehicle with zero APR.
Getting approval is complicated; dealers will want to make sure you pay on time or before the due date. In addition, car manufacturers offer to make certain the temporary discount is cost-effective and low risk.
That’s why not all dealerships have these offers for car purchases before purchasing this type of financing.