{"id":2403,"date":"2020-09-26T19:18:45","date_gmt":"2020-09-27T02:18:45","guid":{"rendered":"https:\/\/www.dncu.com\/?p=2403"},"modified":"2024-10-29T12:10:41","modified_gmt":"2024-10-29T18:10:41","slug":"zero-interest-auto-loans","status":"publish","type":"post","link":"https:\/\/www.dncu.com\/es\/blog\/zero-interest-auto-loans\/","title":{"rendered":"Zero Interest Auto Loans: Before You Sign"},"content":{"rendered":"<p>You\u2019re seeing them on tv. You\u2019re hearing them on the radio. You\u2019re reading them on the web. The ads are everywhere&#8230;<\/p>\n<blockquote><p>\u201cZero percent financing on your next auto loan!\u201d<\/p>\n<p>\u201cPay no interest ever!\u201d<\/p>\n<p>\u201cStop making interest payments right now!\u201d<\/p><\/blockquote>\n<p>In the era of COVID-19 pandemic lockdowns, auto financing offers have been fast and furious in their response to the economic fallout. While now is considered by many to be a good time to purchase a vehicle, it\u2019s still true what they say; all that glitters is not gold. Before signing a contract for that shiny four-wheeled dream vehicle with that new car smell, take some time to consider and balance several important factors when it comes to financial incentives for auto loans:<\/p>\n<p style=\"padding-left: 40px;\"><span class=\"bold\">Zero percent financing offers are not for everyone (literally, they\u2019re not offered to most)<\/span><\/p>\n<p style=\"padding-left: 40px;\">If your credit score falls below 700, it\u2019s unlikely that you will be offered any zero-interest auto loan. To avoid disappointment, be sure to know your credit score before you set out on your next car buying adventure. Don\u2019t know your current credit score? Check out Credit Karma, a free tool for monitoring your credit score on the web or via their mobile app on (iOS) or (Android).<\/p>\n<p style=\"padding-left: 40px;\">If you\u2019re aware that your credit score falls under the threshold for zero percent financing offers, consider asking for a pre-approval from a trusted financial institution to get a better idea of what loan terms are available to you.<\/p>\n<p style=\"padding-left: 40px;\"><span class=\"bold\">A single late payment can have significant financial consequences<\/span><\/p>\n<p style=\"padding-left: 40px;\">The terms and conditions that accompany zero interest loans can be unmerciful in their response to a late payment. Not only can you be subject to penalties and interest rates on future payments, your loan can be backdated to include all interest from the date that you purchased the vehicle. If you\u2019re unable to guarantee yourself that you can make on-time payments over an extended period of time, other financial incentives may be a better choice when purchasing your next vehicle.<\/p>\n<p style=\"padding-left: 40px;\"><span class=\"bold\">Increases in your credit utilization rate may hurt your credit score<\/span><\/p>\n<p style=\"padding-left: 40px;\">Taking out a loan on a relatively large purchase like a vehicle will likely increase your credit utilization rate, defined as the amount of credit that you\u2019re currently using divided by the total amount of credit available to you. As credit utilization rates are an important ranking factor for credit scores, you may wish to consider keeping other balances low for as long as possible to keep a favorable ratio of used credit to available credit.<\/p>\n<p style=\"padding-left: 40px;\"><span class=\"bold\">You may be better off with a strong rebate than opting for zero percent financing<\/span><\/p>\n<p style=\"padding-left: 40px;\">While zero percent loans sound like a no-lose proposition, buyers should consider whether an available rebate on the vehicle price will represent greater savings than the financing incentive. While number crunching is enjoyed by few, you owe it to yourself to do the math before deciding which avenue to take.<\/p>\n<p style=\"padding-left: 40px;\">Check out the \u201cCar Cash Back Or Interest Calculator\u201d at <a href=\"https:\/\/www.cars.com\/car-loan-rates\/\">cars.com\/car-loan-rates<\/a> to determine which option will end up saving you the most in the long run.<\/p>\n<p style=\"padding-left: 40px;\"><span class=\"bold\">Financial incentives shouldn\u2019t mean that you can\u2019t haggle on the extras<\/span><\/p>\n<p style=\"padding-left: 40px;\">Zero and low interest auto loans are popular for good reason. Saving thousands over the life of a loan is a smart choice for those in the market for a vehicle. But why stop there? Potential buyers shouldn\u2019t be shy about negotiating the price of vehicle options or extras simply because attractive loan terms are also available. Remember, in times of normal to high supply but low demand for vehicles, the consumer is holding the cards.<\/p>\n<p style=\"padding-left: 40px;\"><span class=\"bold\">Zero-interest offers can lead to overspending<\/span><\/p>\n<p style=\"padding-left: 40px;\">There\u2019s a rumor that marketers and advertisers know us better than we know ourselves. Competitive financing options and other incentives are attractive and a good option for car buyers. In some cases, however, these options have been known to entice car buyers into purchasing vehicles and options that would normally be considered out of their price range. Car shoppers should be aware that even in times of financial incentives, it\u2019s important to consider making a reasonable down payment and achievable monthly payments before proceeding.<\/p>\n<p style=\"padding-left: 40px;\">Need help making a reasonable offer for a vehicle? Check out the <a href=\"https:\/\/www.edmunds.com\/tmv.html\">True Market Value<\/a> feature and car price negotiating tips at Edmunds.<\/p>\n<p>With auto dealerships looking to move inventory during these challenging times, now may be an opportune time indeed to purchase your next vehicle. It\u2019s just as important to remind ourselves, however, that reading the fine print and practicing financial responsibility is a smart choice in any economy.<\/p>\n<p><span class=\"bold\">DNCU provides free advice on vehicle purchases.<\/span><\/p>\n<p><a href=\"https:\/\/www.dncu.com\/es\/personal\/prestamos-para-vehiculos\/\">Click here for more information<\/a> or call us at 1-877-818-DNCU to speak with a DNCU loan officer today.<\/p>","protected":false},"excerpt":{"rendered":"<p>You\u2019re seeing them on tv. You\u2019re hearing them on the radio. You\u2019re reading them on the web. The ads are everywhere&#8230; \u201cZero percent financing on your next auto loan!\u201d \u201cPay no interest ever!\u201d \u201cStop making interest payments right now!\u201d In the era of COVID-19 pandemic lockdowns, auto financing offers have been fast and furious in their response to the economic &hellip; <a href=\"https:\/\/www.dncu.com\/es\/blog\/zero-interest-auto-loans\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>","protected":false},"author":17,"featured_media":10632,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_searchwp_excluded":"","footnotes":""},"categories":[38,37],"tags":[],"class_list":["post-2403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-borrow","category-vehicles"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>DNCU | Zero Interest Auto Loans<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dncu.com\/es\/blog\/zero-interest-auto-loans\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DNCU | Zero Interest Auto Loans\" \/>\n<meta property=\"og:description\" content=\"You\u2019re seeing them on tv. You\u2019re hearing them on the radio. You\u2019re reading them on the web. The ads are everywhere&#8230; \u201cZero percent financing on your next auto loan!\u201d \u201cPay no interest ever!\u201d \u201cStop making interest payments right now!\u201d In the era of COVID-19 pandemic lockdowns, auto financing offers have been fast and furious in their response to the economic &hellip; Continue reading &rarr;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.dncu.com\/es\/blog\/zero-interest-auto-loans\/\" \/>\n<meta property=\"og:site_name\" content=\"Del Norte Credit Union\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-27T02:18:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-29T18:10:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/f3bec255-0e31-4fe2-83aa-f85087ca2a1a.cc10.conves.io\/files\/loan.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"670\" \/>\n\t<meta property=\"og:image:height\" content=\"447\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta 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