Experiences with 0% APR
Aug 19, 2011, 09:48 AM
#17
Evolved Member
Correct. Very few manufacturers even offer financing specials on used cars. I think BMW does sometimes on certified pre-owned cars, maybe 1.9% or something like that. So unless you're getting one of those, your best bet (if paying cash is not an option) would be to find some financing special. Credit unions tend to have lower rates than most banks, and they sometimes knock off a bit (typically 0.25%, give or take) of the rate that you qualify for if you have an account with them.
Unfortunately they never had financing specials for the IXs (as far as I know). Luckily I was only financing $8,600 or so from what I remember. But my girlfriend has a 0% APR on her Corolla.
On that note, 0% APR is great especially when you are trading in a car that is upside-down (but you don't have the funds to just pay off the principle), as that balance is also transfered to your new loan but also at 0% APR (since it is taken into account when determining the purchase price) as opposed to whatever rate (probably not 0%) that you had on the old car. That's what my girlfriend did.
On that note, 0% APR is great especially when you are trading in a car that is upside-down (but you don't have the funds to just pay off the principle), as that balance is also transfered to your new loan but also at 0% APR (since it is taken into account when determining the purchase price) as opposed to whatever rate (probably not 0%) that you had on the old car. That's what my girlfriend did.
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