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Is Zero Percent Auto Financing The Best Option For You?

You hear the ads everyday zero percent financing. Consumers are offered deals they simply cannot refuse. Should you take the 0% dealer financing? Is it really the best financing option?

A zero percent financing deal may not always be in your best interest.
Consider these facts:

  • Statistics reveal that only one-third of buyers who apply for zero percent financing actually qualify.
  • Only ten-percent of qualified buyers accept the deal.
  • There are very strict terms to qualify for zero percent financing.
  • Most often, a sizeable down payment is required.
  • Loans are offered only on a short-term basis, typically 12-24 months.
  • In many cases, zero percent financing only applies to dealer stock vehicles. These vehicles may have a lower resale value.
  • Significant monthly payments are required due to the short-term loan requirements.
  • Many zero percent qualifiers overpay for their car since they assume they are getting the best deal available and fail to negotiate price.

By taking the rebate many dealers offer, instead of the zero percent lending option, you can lower the principal amount of your loan and pay less interest during the loan term.

Contact the loan department at the credit union before you go to shop for your new vehicle. We offer the MEMBER REWARD PROGRAM which can lower your interest rate!

Don’t be fooled by the auto dealer’s low-rate advertising. Know the facts about special rebates and financing options. In spite of the tempting offer, zero percent financing promotions are not always the best route for car buyers to take.




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