My father once told me, "If it is too good to be true...then it is".

Have you ever seen the commercial on TV or the ad in the newspaper that reads '0% FINANCING FOR EVERYONE!'. The 'too good to be true' is dead on for the 0% financing offer made by dealers offering financing directly from the manufacturers. This type of advertising is more to get you into the dealership, not provide you with the zero-percent financing deal.

Zero-percent financing deals are not what they seem!
There are always catch 22s to every type of 0% financing offer made by auto manufacturers. First off, you will need perfect credit to even be offered this type of deal. Secondly, most interest-free loans require financing terms of three years or less. Think about the monthly car loan payments you will have with a three year loan.

Here is an example of what kind of costs you will be looking at with a three year 0% interest loan. Suppose you borrow $15,000 to pay for your new car. With a three year loan with 0% interest, you will be looking at a payment of around $425/month.  A five  year  loan for the same amount at 3.9% would cost you a much more convenient $297/month. However, if you can afford the $425 payment, go for it!

We suggest calculate what payments would be on three year loan with 0% financing.

0% financing calls for big down payment!
Most of the time, you will be required to leave a down payment of as much as 25% when you finance a car at 0%. If you buy a car with standard interest rates, you may not even be required to leave a down payment. If you are, it will be minimal, the most 10%.

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