Several of the auto manufacturers are offering special financing as low as 0%. What are the hidden tricks behind these great rates?

Believe it or not, there are usually no hidden tricks to these super-low financing rates. They truly are great deals offered by the manufacturers to help the dealers move out certain models which may be lagging in sales. There are, however, some things you should be aware of:

  • Only about 20% of car buyers actually qualify for these special loans. You need a good credit score (usually 680 or higher).
  • The dealership ends up making far less money on these special financing deals than they would on regular financing, so the dealership's Business Manager may try to convince you that you don't qualify for the low rate. If you know that your credit score is good, don't fall for that.
  • You usually have a choice between the low financing rate and a rebate. For buyers who need the cash for their down payment, the rebate may be a better way to go.
  • These special low-financing rates are sometimes only applicable to short-term auto loans (2-3 years) and may not apply to the typical five-year loans that most buyers prefer.

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