0% auto financing? anyone do it

[bentwookie]

pros and cons?..my car is crapping out..need a new one. I have excellant credit...even got credit cards without having a job at times...I heard only a few people qualify for the 0%..but anyone with experience?

 

[bozo1]

If you qualify, the only downside is that some companies limit the length of the 0% loans - sometimes as low as 2 years. If you finance for longer than that, the interest rate goes up.

 

[RossMAN]

Yes it does exist and people do get it.

Currently Mitsubishi is the only carmaker that I know of which is offering 0% financing.

I'd rather pay 1.9% (which is not a lot) and buy a different brand of car.

 

[fastz28]

Got it for 36 month with GMAC. It would be difficult for you to qualify without a job.

 

[bentwookie]

I have a job...but do they require so many years with a job?

 

[RossMAN]

Originally posted by: bentwookie
I have a job...but do they require so many years with a job?

I'd be concerned with excellent credit (at least 700 credit score) and at least 1 year on the job, 2-3 years would be better.

 

[ElFenix]

Originally posted by: RossMAN
Yes it does exist and people do get it.

Currently Mitsubishi is the only carmaker that I know of which is offering 0% financing.

I'd rather pay 1.9% (which is not a lot) and buy a different brand of car.

yep, me too

hyundai>mistubishi

 

[RossMAN]

Originally posted by: ElFenix

Originally posted by: RossMAN
Yes it does exist and people do get it.

Currently Mitsubishi is the only carmaker that I know of which is offering 0% financing.

I'd rather pay 1.9% (which is not a lot) and buy a different brand of car.

yep, me too

hyundai>mistubishi

I think it's the other way around.

 

[rml]

750 credit score will get you qualified

I got 5 year 0% fiancing with my Suzuki XL-7

 

[rudder]

Depends on the kind of deal you can get for the car. I have walked into a dealership to get a 0% financing offer and they would barely come off the sticker price so I ditched that plan. So it seems they are getting their money either way.

 

[flot]

You need pretty good credit to quality for a 0% financing offer. However some manufacturer's are offering EITHER a rebate OR 0% financing. Do the math for the amount you want to spend and make sure the rebate won't come out as a better deal.

 

[Spikesoldier]

Bought a 2002 Dodge Ram 1500 Lone Star Edition with all of the options, 0% financing for 5 years. Dodge had that special on so I couldn't resist, and luckily when I bought it, my (then) primary car decides to break down for about $1800.00 worth of repairs.

$30,000.00 / 60 = $500.00/month payments :Q

 

[Jzero]

Originally posted by: axiom
My advice. If you are going to request financing just completely ignore the sticker price and name your financing. I went to Pontiac and told them I wanted a Pontiac Vibe for $320 per month for 60 months. The car I wanted was worth about $20,000. I ended up not buying the car because they dealer refused to accept my offer. They came close but they would not meet my demand so I walked away. All along I kept telling the salesman that I don't care what the sticker price was.

A) You should always ignore the sticker price. Never pay MSRP.
B) You should NOT think in terms of monthly payments. That's exactly what they want. If I go and tell a car salesman I'm looking for a car in the $10000 range and he suddenly starts pitching about how if I break that down into monthly payments I can make a higher monthly payment that I'm still comfortable with and get a better car.
Except I want to spend $10000, not $15000. How long it takes me to spend that $10k is really not my chief concern. Of course the dealer's chief concern is getting more money, and they'd rather get $15k than $10k.
C) Financing isn't based on a monthly payment--it's a loan. They take ((total cost - down payment)(1 + interest))/(Duration of loan) and that's the monthly payment.

The dealer probably told you to take a hike because $320x60 = $19200. Were you making a downpayment, or just flat-out demanding the dealer loan you $19000 for the next 5 years with like $500 in profit coming from that?

 

[mpitts]

My wife and I recently purchased a Saturn Vue at 0%. I don't see any disadvantages to not having to pay interest for the life of the loan.

Couple that with the my father's GM discount and we got quite a nice deal.

 

[B00ne]

Originally posted by: ElFenix

Originally posted by: RossMAN
Yes it does exist and people do get it.

Currently Mitsubishi is the only carmaker that I know of which is offering 0% financing.

I'd rather pay 1.9% (which is not a lot) and buy a different brand of car.

yep, me too

hyundai>mistubishi

I hope u dont really mean that

 

[Demon-Xanth]

on 10/9/01:
Dodge Dakota: $19,470
Dodge Dakota after taxes, doc, and extended warrentee: $22,800
$5000 down (luckily the minimum required)
5 years job experience (rounded up, 1.5->2+2.5->3)
credit score of 690 (required 600+)
$17,800 financed@0% for 36 months
$495 payments

Not bad for a guy who just turned 23 at the time
Dodge had just started it a few days earlier. The look on the salesman's face was just priceless

 

[MuffD]

I don't have 0% but when we bought my wife's Expidition we got it for 0.9% which is probably the closest thing at the time we purchased it.

 

[radioouman]

Yep, I did it this summer. It was great! 0% for 60 months! I put $1500 down. My credit is fine, but I've never made a big purchase on credit before. (I even rent.)
Oh ya, i got 0% on a special deal car. (PM me if you want more details..) But it worked out great! After tax, warranty, and everything, it came out to $22,000 total. I'm paying just under $370 per month for 60 months. It was SUCH a deal!

 

[CraigRT]

I got 0% from Chryco on my car, but that's in 2001.
I wonder if they still have it..

 

[wiin]

Got me a 2003 Honda Accord LX @ 3.49% for 60 months. Monthly payment is 270.00. Go get yourself a Honda Accord. you won't regret it.

 

[bentwookie]

Originally posted by: radioouman
Yep, I did it this summer. It was great! 0% for 60 months! I put $1500 down. My credit is fine, but I've never made a big purchase on credit before. (I even rent.)
Oh ya, i got 0% on a special deal car. (PM me if you want more details..) But it worked out great! After tax, warranty, and everything, it came out to $22,000 total. I'm paying just under $370 per month for 60 months. It was SUCH a deal!

pm with any info or links..thanks!

and thanks to everyone for the info!

I could handle a 3 year 0% finance..I could probably payit off in that time...but is there a penalty for paying off early?

 

[m2kewl]

Originally posted by: RossMAN

Originally posted by: ElFenix

Originally posted by: RossMAN Yes it does exist and people do get it. Currently Mitsubishi is the only carmaker that I know of which is offering 0% financing. I'd rather pay 1.9% (which is not a lot) and buy a different brand of car.

yep, me too hyundai>mistubishi

I think it's the other way around.

i think so too

 

[Demon-Xanth]

Bentwookie: only a completely idiotic contract would have an early payment penalty for a 0% loan

 

[bentwookie]

Originally posted by: Demon-Xanth
Bentwookie: only a completely idiotic contract would have an early payment penalty for a 0% loan

yeah, but I will never trust a car salesman anyway...

 

[JeffreyLebowski]

Originally posted by: Demon-Xanth
on 10/9/01:
Dodge Dakota: $19,470
Dodge Dakota after taxes, doc, and extended warrentee: $22,800
$5000 down (luckily the minimum required)
5 years job experience (rounded up, 1.5->2+2.5->3)
credit score of 690 (required 600+)
$17,800 financed@0% for 36 months
$495 payments

Not bad for a guy who just turned 23 at the time
Dodge had just started it a few days earlier. The look on the salesman's face was just priceless

Ha, i could have gotten a v8 Ram for that price, or a 4 door V6