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0% Car Finance

By Edited Oct 27, 2013 0 0

You may have seen 0% car finance offers that make it seem like almost anyone off the street can get approved for 0% car financing without much of a problem. The truth is that these sorts of 0% car finance offers rarely ever deliver on this promise, and many times only a small portion of applicants will be able to qualify for such a car financing offer. Even if you do qualify for these kinds of 0% car finance offers it can sometimes be difficult to find a vehicle that can be eligible for such financing. There are also a number of other things that are usually found in the fine print of the offer that can disqualify you from receiving such financing even if you have everything in order on your end. A 0% car finance offer may seem like a great deal, but often times the offer can only be given to a certain kind of applicant, and the dealerships and car manufacturers that make such offers take advantage of every chance they can to disqualify an applicant with these sorts of promotions.

When a dealership makes a 0% offer they typically will not tell you that you must have really good credit to secure the zero percent rate. Dealerships like to see that the applicant has at least what is considered to be "good" credit, and they will often not be able to grant the 0% financing to any applicant with a credit score below about 700. These numbers are not set in stone but they are a good approximation of what the majority of dealerships that make these kinds offers require from their applicants in terms of credit. Contact the dealership or manufacturer that is providing a specific offer beforehand to avoid wasting your time applying for financing that you will never be able to get.

Once you have everything all set on your end in terms of credit and other financials you must become aware that there are a multitude of other disqualifying factors that can prevent you from receiving your 0% car finance offer. Perhaps the primary disqualifier has to do with the actual vehicles that are eligible for such financing. For the majority of 0% car financing offers the only vehicles that will be eligible for such offers will be the ones that are already present on the dealership's lot. This means that if you found a make and model that you like then you won't be able to order the same model in a different color or with different options and still be able to get the 0% financing. You will only be limited to the cars that are already on the lot as the dealerships design these kinds of 0% offers to often get rid of the vehicles that are already on their premises.

There are several other things you need to look for before you think you can take advantage of a 0% car finance offer. If a dealership is offering cash back, or other kinds of similar incentives then you probably won't be able to get the 0% financing with any such offers. The majority of the time you will not be able to get both concurrently and this will of course depend on the exact policies of the dealership and the actual offer. You also need to look at the exact terms of the loan that can be made with the 0% offer as many times the loan will only be made for a certain duration, often times this is less than 36 months. You also need to look at the terms of the offer itself because it is not uncommon for these sorts of 0% offers to only run for a fraction of the entire loan period. You don't want to get an unexpected hike in your monthly payments after owning your vehicle for over year, so it is imperative that you determine this before you get excited about receiving the 0% financing. You truly have to do your homework with these sorts of 0% car financing offers, and you shouldn't feel good about any such offers until you've read all the fine print. Do your own research and you'll be able to get a good interest rate for your car loan even if you don't qualify for this type of financing.

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