Auto Loan - Qualify

[gercredit]

Hi guys,

with the following profile. Do you think I would be able to get a 0% APR or 0%down loan?

The cars I am looking into right now are Honda, Hyundai or Kia.

Credit Score: 730-750
Income: High
Lenght of Employment: 5 years
Previous Loan Experience: Secured Installment Loan
Debt-to-Income (DTI): 5%
Year of Car: 2014-2016
Miles: 15.000-45.000
Purchase/Refinance: Purchase a Certified Pre Owned (price around $15.000)
Requested loan term (XX Months): 24-48 Months
Down payment amount: $3.000
Co-borrower/Co-Signer: No

Thanks!

[Harvey26]

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@gercredit wrote:

Hi guys,

with the following profile. Do you think I would be able to get a 0% APR or 0%down loan?

The cars I am looking into right now are Honda, Hyundai or Kia.

Credit Score: 730-750
Income: High
Lenght of Employment: 5 years
Previous Loan Experience: Secured Installment Loan
Debt-to-Income (DTI): 5%
Year of Car: 2014-2016
Miles: 15.000-45.000
Purchase/Refinance: Purchase a Certified Pre Owned (price around $15.000)
Requested loan term (XX Months): 24-48 Months
Down payment amount: $3.000
Co-borrower/Co-Signer: No

Thanks!

---

Used cars do not come with 0% incentives. You may be able to find a local CU with a pretty low rate but not 0%.

[gercredit]

Even not for certified ones?

[Anonymous]

I dont think there is such a thing.

Let me know of any bank or lender that is in the biz for loaning money at 0%

That would have to be in the world record books.

The only reason you can get 0% is if the new cars are being sold.

Why?? because they are making money by selling the car, not by the loan.

So in order to get 0%, you would have to buy a new car and get a loan thru the dealership/manufacturer

such as toyota/lexus, honda,  gmc, etc. and that is only meeting their terms and qualifications....

which you probably meet.  

However the particular car that you purchase would need to be offering that 0% financing.

Look for offers in your neck of the woods...

good luck, hope this helps.

[gercredit]

sounds good, thanks for the explanation!

[Anonymous]

Certified Pre-Owned Cars that are sold by the actual manufacturer's dealer can come with 0%, but you have to shop around.

This is where the Manufacturers that offer 0% financing on new cars sometimes get in the game on CPO cars.  A true CPO has been traded in, lease return, etc... to an original manufacturer dealer.  It has than been gone through and certified as a like new with a manufacturer warranty attached.

You don't get this with the typical pre-owned car which is why some of the Manufacturers financing departments offer it.

But the deals vary.  I've seen 0%, 0% for 6 months then like 2%, and others.  For a CPO you are going to have to shop around, but they typically offer better interest rates in general than other pre-owned cars and since they aren't new (usually within 2 years old and less than 50k) they don't have the "drive off the showroom floor" depriciation.

[Anonymous]

OP--There's probably a 99% chance the answer to your question is "no."  I've seen the $0 down 0% on new cars as has been mentioned. Typically at the end of the year when dealers are trying to rid their lot of cars so they can avoid paying additional tax on them.  Those cars are sold more to avoid a net loss than to make money and the fine print usually say "only for highly qualified applicants." 

Otherwise, Certified Pre-Owned or "program cars" are often the closest and best bet. I was able to grab a 2016 BMW 428i "Executive Program Car" from a BMW dealer in Phoenix back in 2016 with only 16K miles and all the bells and whistles for $0 down at .99% best I'd ever personally come across! 

As as others have said, you'll need to really look around, timing and sometimes luck play a role as well. Good luck, let us know what you find!