SudburyAutoloans.Ca’s Takes on Zero-Percent Car Loans as the Best Deal in Buying a New Car

SudburyAutoloans.Ca’s Takes on Zero-Percent Car Loans as the Best Deal in Buying a New Car

Consumer Reports have recently revealed its latest survey about 29% new cars that were financed with auto loans with a lasting period that is no longer than 72 months. Although this number can be noted a positive growth in the number of auto loans getting approved each year, the concern of Consumer Reports is focused on the extended-length loans which are according to them, “rarely a good idea”.

That is because, with extended-length loans, borrowers will probably be charged with higher interest rate – meaning, borrowers end up paying more for the new car over the original amount that was loaned. In addition to this, with the extended-length loan, trading or selling the car will not give the owner enough money to settle the loan. And if the car got damaged in an accident, the amount that can be received from the insurance company will not be enough to replace it.

According to the best car dealers Ontario , interested borrowers should consider as to what auto loan firms they should get their loans. This is for the reason that there are more than 70% car loans that were financed at the dealership, but this may seem not be a good option especially if the borrowers will opt for bonus cash over zero-percent car loans.

Zero-percent car loans are yet, one of the best deals that auto loan borrowers can get in their attempt to buy a new car. To some people, such financing scheme is called, “free money” but it is not exactly what people will get for the reason that it only make up about 9% of the dealer-financed car loans that is being offered up to this date.

Most auto loan dealers offer zero-percent car loans in an attempt to forgo the money they will be able to receive on loans with interest in the exchange of sparking up the sales of slow-selling vehicles or in clearing out the inventory so that dealers will be able to get newer models.

For the auto loan experts, the zero-percent financing scheme is at its best during the summer months where it is used to stimulate the sales for outgoing car models. These are advertised in as no-interest car loans in TV commercials, dealership and their websites. And there are instances that auto loan firms offer their own version of zero-percent car loan financing.

Other automakers will offer their customers with options between bonus cash or loan with a very low-interest rate, which for the Sudbury auto borrowers should opt for the zero-percent loan as the cash would be enough to offset the finance charges that the buyer is saving. However, to qualify in zero-percent loans, interested borrowers should have an excellent credit score or contact their dealership of choice.

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2nd Chance Automotive is amongst the top rated internet car loan services, and one of the only loan services to truly guarantee your approval as long as you can meet the minimum requirements. 2nd Chance Automotive has been formed by a team that has been helping families obtain car loans in Ontario since 1999.

2030 Kingsway Sudbury On, Ca

2nd Chance Automotive is amongst the top rated internet car loan services, and one of the only loan services to truly guarantee your approval as long as you can meet the minimum requirements. 2nd Chance Automotive has been formed by a team that has been helping families obtain car loans in Ontario since 1999.

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Zero percent auto financing 2015

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Zero-percent Car Financing – Fact Or Fiction?

What does zero percent financing really cost? Car dealers have been very successful with their zero percent financing campaigns – so successful that the concept has been repeated in other industries such as electronics, furniture sales and credit card companies.

According to CNW Research, only one-third of buyers who apply for zero percent auto financing actually qualify and only 10% of those deals actually close according to the National Automobile Dealers Association. CNW Research goes on to state that many zero percent qualifiers overpay for their cars, since they assume they’re getting the best deal available and they fail to negotiate price. Automotive manufacturers use their own financing companies to underwrite these zero percent loans, each of which have their own credit qualifications. Generally speaking an applicant must have close to perfect credit to qualify for zero percent financing.

If you have been one of the fortunate ones that didn’t get lured in with the 0% financing offers only to get switched to a higher rate because of “blemishes” on your credit and the dealer is now offering you that “free” money, here are some drawbacks you should be aware of before signing that deal.

Shorter Loan Terms. Some dealers offer 60 month terms, but 36 months is average. This means your monthly payments will be much higher.

Limited Inventory. The zero percent offers are generally reserved for models that are suffering lower sales and is almost never offered on pre-owned inventory.

Cash Back. Have you every noticed the “or” clause in those zero percent advertising ads “0% or $10,000 cash back?” That $10,000 you lose by opting for the zero percent financing is the actual cost of borrowing. This often equates to an interest rate much higher than a traditional car loan.

Adding up the Numbers A recent search of the website of one of the Big 3 automakers shows an offer of zero-percent financing on a 2005 mid size sedan. This is how the numbers work out.

How to Get Zero Percent Financing on a New Car

Zero percent financing on a new car may seem like a sales pitch that’s too good to be true. For many, that is indeed the case. While even people without perfect credit can qualify for these loans, there usually are many more hurdles to securing this deal than other types of interest-bearing loan options. For best results, do your homework before heading into a dealership to test drive cars and crunch numbers.

Only people with exceptional FICO scores qualify for incentives like zero percent financing. That number varies from one dealer to another, but credit scores are usually expected to be in the 700-720 range, if not higher. Check your credit before you go car shopping and fix any errors or inaccuracies so you position yourself for the best possible interest rate. Take a copy of the report with you, along with your photo identification and any written offers for loans you have from competitors or private financial institutions. This better positions you to make a good deal.

Sometimes special offers and rebates are more financially enticing than zero percent financing, especially if you qualify for a relatively low interest rate anyway. You can use dealer incentives to make a larger down payment and reduce monthly costs or pocket cash for other purposes. For best results, research new car prices and current incentive programs so you’ll know what’s available when you enter the dealership. Some companies will offer them up front, but others won’t disclose them unless you specifically ask.

If you’re eligible for a zero percent interest rate, you may be ineligible for any other special perks like cash-back rebates or dealer incentives. New car dealers sometimes limit the pool of vehicles and options zero percent loans cover. You may be required to take a shorter-than-average loan period, like 24 to 36 months versus 48 to 72 months for a more conventional loan. That means higher monthly payments. In negotiations, ask for exactly what you want, but know in advance what your ultimate price point and terms are for making a deal. That will take some of the stress out of the negotiating process.

Shopping for a new car can be an exhaustive process, but don’t be afraid to walk away from the negotiating table if you’re not getting what you want. When you qualify for zero percent interest, you may be tempted to not haggle so much on the bottom line price, which is a mistake. Other dealerships may be willing to make you a better deal, and the dealership you’re working with may still pursue even you after you leave.

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Zero percent auto financing 2015

Get Qualified For 0% Car Loan Online Today

You must be thinking that how can any company providing car in Zero % Auto loan. right? We understand that finding the right auto loan at the right rate can be a difficult process. Speed way auto loan is providing car in zero percent auto loan. We can help find you the best car loan, at the best rate. Getting a no interest auto loan is essentially like getting free money.

This is because most of the auto loan company are having finance business to provide the loan to the purchaser who is looking for lower interest car loans. They convince them to purchase any type of vehicle. Many time the rates of these companies go at 0% also to provide them auto loan.

Most of the customers avoiding paying interest and if they are going for car buying in cash they might not pay interest but the amount paying all together will be tough for them .so they go for monthly installments and looking for the company who can give lowest interest auto loan.

However, with a zero percent loan, you can avoid interest while investing the excess money and getting a return on it before paying off your automobile loan. Applying for 0% auto loans can be a tedious process. We can help find you the best car loan, at the best rate. You can buy any type of car in any type of vehicle.