How to Get Zero Percent Financing on a New Car
Auto dealers occasionally offer zero percent financing as an incentive for a new car buyer. The buyer must meet certain requirements to obtain a zero percent loan interest rate. Some dealers require a large down payment on the car purchase or the interest rate on the loan will be higher than zero percent.
- Check the newspaper to find a car dealer that has a zero percent financing special. The rate may not apply to all new vehicles at the dealership. Look for a car you like that has the special rate before you shop at the dealership. Find out when the offer expires so you do not wait too long.
- Find the value of the car you want to buy before you go to the dealership to try and get zero percent financing. Pull up a website that has new car pricing and look for the car you want. Print the online report so you can use it when you negotiate with the dealer on the purchase price.
- Ask a salesperson to show you the car you like. Test drive the car to make sure it handles the way you want. Negotiate the purchase price with the salesperson using the pricing report if you decide to buy the car.
- Confirm that the zero percent interest rate is still in effect after you agree on the purchase price. Find out how much money you need to put down in order to qualify for zero percent financing. Fill out a credit application with the dealer’s finance manager to see if you qualify for the special rate with the lender.
- Find out the monthly payment if the dealer’s lender approves you for the rate. Sign the paperwork and write the finance manager a check for the down payment. Find out when you first payment is due so you can adjust your monthly budget.