eligibility for 0% auto financing

[alanw]

can anyone explain the determinants for being eligible for a 0% auto loan .... ?  it appears you are at the mecy of the dearlership as to whether they want to grant it or not ... can any help provide some pointers ?

thanks so much ...

[Anonymous]

you usually have to go through the manufacturer financing. i was eligible for toyota's 0% for 60 months. unfortunately they still run your credit to 6-7 other lenders. sucks.
this is where you need to be credit savvy so you don't let them push you around because they will try to hold 2% on you if they feel like they can.

[pipeguy]

One thing you should consider is that most promotions that offer 0% financing do it at the expense of cash rebates and tend to be limited to shorter terms (sometimes up to 60 months, which isn't bad). Many credit unions offer below market financing options on a regular basis. Case in point, last year I purchased a vehicle, financed $16k at 1.49% for 60 months which means I will pay just over $600 in interest if I use the full 5 years to repay the note - compare this to $2000 in rebates using dealer financing at 0% for 36 months. Higher required payments and about $1400 "given up" in rebate money.

That said, if you get a full rebate cash back, plus 0% terms for a comfortible period like 48-60 months, thats a great deal in exchange for a hard pull blitz.

[Anonymous]

^ that too. always do the math. in the case of my toyota i got an EXTRA rebate for financing through toyota financial

[mnat]

We also got the Toyota 0% but I told them that I only wanted my credit run through for that once. There was no reason for them to shop me unless I didn't qualify. Our scores were 699 and 750 but I'm pretty sure they go lower. I'd just call the finance ppl and ask at the dealership. 

[Anonymous]

Typically for 0% financing it's through dealership and require a score about 720+ only if dealership is offering 0%. You should look at other option. Such as cash rebate. Meaning you can finance your loan at a credit union and your still considered as a cash buyer. Like person above said. Let's say u got a loan from credit union at 1.99 and cash rebate is 1000+ u should calculate and see if u get more from cash rebate or the 0%. Most of these are just a number game the dealership play. With a 720 score u should get 0% if dealer is offering it. Sure bet is 750+

[Anonymous]

they offered me 0% for 60 with a 697 TU

[Anonymous]

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@Anonymous wrote:
they offered me 0% for 60 with a 697 TU

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Yea it varies from dealership to dealership for score requirement. Believe ford gmc Honda Toyota require lower score BMW Lexus Mercedes Audi require higher if they ever offer the 0% so far I've only seen Lexus offer it with them you need above 740

[Anonymous]

being that lexus and toyota have the same financing you may be able to negotiate that... maybe. lexus is about the least negotiable brand i have seen (other than tesla)

[Anonymous]

No Lexus I'll ever buy beside maybe a LFA which I can't afford haha