Question: How Can I Get A 0 Interest Car Loan?

Do any car dealerships have 0 financing?

However, Ford, Nissan, and Hyundai are offering 0% for 72 months PLUS cash back on certain models.

The average APR rate for a 60-month new car loan has fallen to around 4% for those with excellent credit..

Is it possible to get 0 interest on a car loan?

Paying no interest on a new car loan may sound almost impossible. But it is possible for people with very strong credit. … 0% interest loans are only offered by the lending divisions of the carmakers. Rates as low as 0% are only available from the “captive finance companies,” which are the lending arms of the carmakers.

Does GM have 0 financing right now?

General Motors began offering 84-month financing at zero percent interest following the outbreak of COVID-19 in the United States earlier this year. … As of June 2nd, GM is no longer offering 84-month, zero percent financing to well-qualified buyers on select Chevrolet, GMC and Buick models.

What credit score do you need to get 0% financing on a car?

While lenders don’t typically share what your credit scores should be in order to qualify for a 0% APR auto loan, credit scores of 700 and higher (on a scale of 300 to 850) are typically considered good. A score of 720 to 750 or higher may give you an even better shot at getting approved.

What FICO score does GM use?

When determining what a potential buyer’s credit score is, GMAC uses TransUnion credit bureau to pull your credit score from. Should you need an auto loan, it is always good to check your credit rating through all three major credit bureaus (TranUnion, Equifax and Experian).

What are the best new car deals right now?

Best Car Deals This Month2020 BMW 5-Series. MSRP: $53,900-$110,000. … 2020 BMW 5-Series. FINANCE DEALS. … 2020 Cadillac Escalade. MSRP: $75,195-$98,295. … 2020 Cadillac Escalade. CASH BACK DEALS. … 2020 Chevrolet Silverado 1500. … 2020 Chevrolet Silverado 1500. … 2020 Chrysler Pacifica Hybrid. … 2020 Chrysler Pacifica Hybrid.More items…•

Does Toyota ever do 0 interest?

Toyota’s about a month late to the game with its pandemic-induced 0% financing offers. … The popular 2020 Toyota RAV4, for example, offers 0% APR for up to 60 months in some regions, as do the Camry mid-size sedan and Tacoma pickup truck.

What is the catch with 0 percent financing?

The way an automaker can make money with a zero percent deal is simple: It still earns the same amount it would earn on any car deal, but now the money is earned over a longer span. So the money isn’t made on financing but rather the car itself.

What is the best month to buy a car?

The month of May Certain months of the year are better than others. Historically, May has been a major month for auto sales. Between 2013 and 2018, data from Cox Automotive shows it was a hub of buyer activity. Much of that activity can be attributed to “aggressive holiday incentives and promotions” for Memorial Day.