There are many markets where zero percent auto loans are successful, and this has also been the case with credit cards as well. Most people that apply for zero percent financing do not qualify, but a third do. However, of those third that qualify, only ten percent actually follow through with purchasing a car. In order to get approved for this type of loan your credit needs to be perfect.
It is also statistically proven that those who qualify for these loans overspend on their vehicles. They think that this is the best deal that they have available to them, but this isn't the case. If you receive a zero percent rate on a thirty-thousand-dollar car you will spend over thirty thousand by the end of your term. However, if you get an interest rate you will actually spend less at the end of the terms.
Make sure that you look at your savings, and this is why many people choose to purchase a used car versus a new vehicle. Did you know that a new car loses a third of its value when you drive it off the lot? When you are making an investment in a vehicle you want to make sure that you have all of the facts.
If you are interested in seeing what type of loan you qualify for, fill out our online application today and we will respond to you within 24 hours.
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