Is it possible to get 0% car finance?
Apr finance, is an interest-free loan that lets you borrow money from a financial institution and repay it in instalments without incurring any interest. According to experian, a target credit score of 661 or above should get you a new-car loan with an annual percentage rate of around 6.To get 0% financing on a vehicle, you generally need top-tier credit. This usually means having a credit score of at least 725, which puts you in the very good credit category. In some cases, you might even need to be in the excellent credit range, which starts at 760.
What is the downside to 0% deals?
While 0% financing can be appealing, it’s not always the best money-saver. By opting for it, you might miss out on substantial rebates, dealer incentives, and price negotiations that could lead to greater savings. Negotiating with a dealer to get a lower price and 0% financing can be more challenging. They may even say you can’t put money down or trade in a vehicle, so beware of those potential roadblocks.