I'm aiming for 720, Because that's the certain one that will be qualified for those scores. 720+ gets you the best rates
What credit score will will qualify for this rate? I have a few years yet before I plan on buying a new car. My scores are currently 633 646 660. I understand I won't qualify now but I want something to aim credit wise.
However, I don't have the correct answer... But depending on your situation, You could join us in the Garden Club to help reach a higher score on the quickness (couple of months) to better your chances of approval with low APR.
There is anecdotal evidence of Toyota doing 0% with Auto Enhanced FICOs in the 630's. However YMMV
9/10 times, to receive 0%, you need to finance for a term of 36 months or less, have at least 20% down, or both............ Just keep that in mind. My Credit Union offered me a low 2.3% for up to 48 months on an almost 10 year old vehicle. I chose 24 months.
The only time you get 0% financing is before you drive it off the lot. You will pay interest in every payment. 1.xx% isn't bad considering if you have a bad credit file some people pay upwards of 24% just to get a set of wheels.
1) Consider starting a relationship now with Digital Federal Credit Union (DCU). They offer 1.99% auto loans, and require an Equifax score of 675. (2.49% if you don't set up direct deposit) I opened a savings account with $5 six months ago, and was recently approved for 30K at 1.99%.
2) Dealer 0% financing often means that you are passing up on a rebate. Depending on the rebates offered, this may end up costing you more money in the long run. Here's a super-handy calculator to determine which option is better for you: Rebate vs 0% Calculator