Auto Loans
Save Money: 51 Ways to Save Hundreds on Loans and Credit Cards [K] [i] [n]
Federal Deposit Insurance Corporation (Kindle Edition) 2008-11-20
Release date: 2008-11-20
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Answers
Has any one ever qualified for a 0% auto loan? And if you did, what was your credit score? How many years was your auto financed? 36, 48, 60, or 72 months?
Thanks.
This depends on the lender. Not all have a specific FICO cutoff. Many new car lenders use a tier level system, which can make it possible for someone with a low score to still qualify for 0%.
Tier systems take into account many factors including 'debt-to-income', 'loan-to-value', income, job history, residency, and credit. If they offer 0% for the first 3 tiers, then someone can have score in the 500's and still get 0%. Keep in mind that not all lenders are like this, so good luck and I hope this helps.
to $1.5 billion in loans from the Treasury Department, qualified new vehicle customers will be able to apply for zero percent financing for up to ...
What score would I need on my credit report? And why do I see some answers stating that 0% financing might not be worth it? Thanks!!
Honestly, about a 720 or better should get you to qualify for 0% @ 60 months, depending on what make you are buying. Some Car makers have what they call "Tiers", that you qualify for, like Nissan right now has 0.7% for 36 months on certain cars, and that incentive goes all the way down to "Tier 2" which is a 658 beacon and above. Nissan's "Tiers" start at "Tier 0" which is 740 or better and go down from there.
What score would I need on my credit report? And why do I see some answers stating that 0% financing might not be worth it? Thanks!!
Need to be in the 700's
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It really should be much higher, I am disputing an unwarranted collection on there for a medical insurance non-payment that got turned over to me.
The FICO credit score range is between 850 and 300. Even the highest FICO credit score doesn't guarantee that you get what you want and the worst one may not prevent you from getting at least some sort of loan.
FICO score of 700 and higher means Excellent or Very Good credit. Certain lenders offer better rates and/or discounts if you are over 720, 740, etc. Pity, their greedy loan officers might never share them with you.
You have a good score. You may qualify for a 0% promotional auto loan. Check with various lenders and find out what you can get.
I mean, what makes a buyer "qualified"? Is it determined by your FICA score or by some other factor?
Credit rating is the key. Only the best customers with the highest credit rating get the good financing.
Less that 30% of all car buyers qualify for the 0% finance offer.
Buy Cheap
Getting Quality Auto Loans Refinancing
Unlike any finance company you have ever dealt with, the best ones try to see things other lenders do not, they look for a way to approve a loan instead of finding 10 reasons to decline one. No lender will approve someone while they are in forbearance (behind on your mortgage) or in foreclosure. The same banking rules that used to exist simply do not apply anymore just because someone does not pay on their Mortgage, Credit Cards or Car Loan does not mean they are not going to pay on ours. Lenders have simply lost the ability to lend due to previous loans that just simply didn't make sense!
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Financial Methods » Considerations For a Car Purchase and Finance
There are several things to consider buying a motor vehicle. There are many choices and can be confusing to which vehicle to choose. Once you have decided on a car then to what price and possible trade in price must be negotiated. With most car purchases financed, but it is also important to remember everything when you go through the comparison of car financing options.
Australian Car Loans may vary due to many factors. Car Finance directly from a bank is very often not the cheapest. When the time to buy a new car, the next question is usually how you’ll pay for it, rather than a car, you’ll buy.
Financing your next car is a very important process because we want to choose a financing plan that suits you. There may be many things to check interest rates on car loans, taxes and charges, break fees if paid in advance, or you can make additional payments.
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