0% car loans?


CEE DOG

CEE DOG

Well-Known Member
What's the catch? I see GM is offering these again, but I bet your credit score has to be at least what 800? I guees the use it to sucker folks in then give them a higfher rate.
 

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It is for those people with great credit and it is usually only for 36-42 months.
 
CEE DOG said:
What's the catch? I see GM is offering these again, but I bet your credit score has to be at least what 800? I guess they use it to sucker folks in then give them a higfher rate.
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If it sounds too good to be true, it usually is too good to be true. :lecture:
 
You have to pay it off in 36 months and you have to have a high 700+ credit score.

My coworker bought a new pickup, his payments were $800+ for 3 years.

Its no catch, it 0% interest. The only catch is most people THINK they will get approved for 0% and they go out and apply, they get approved for 9% and go ahead and buy anyway.
 
It's just a marketing ploy to get people to come to the dealership. Most people can't qualify for the rate but all they want is to get you there. Once there, they do their damnest to sell you a car.
 
They tried their best to sell a Maxima, Infiniti G35 and a Caddy CTS. I'll just avoid going to a car dealership now. I'd rather go to a credit union to finance my car. Their interest rates are extremely low.
 
Dr. Phreeze said:
They tried their best to sell a Maxima, Infiniti G35 and a Caddy CTS. I'll just avoid going to a car dealership now. I'd rather go to a credit union to finance my car. Their interest rates are extremely low.
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I was going to the same thing and go through my credit union, but I was able to get 1.9% from Infiniti.
 
GRAM4LIFE said:
It's just a marketing ploy to get people to come to the dealership. Most people can't qualify for the rate but all they want is to get you there. Once there, they do their damnest to sell you a car.
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That goes back to people paying their bills on time.
 
Da_Sperm said:
You have to pay it off in 36 months and you have to have a high 700+ credit score.

My coworker bought a new pickup, his payments were $800+ for 3 years.

Its no catch, it 0% interest. The only catch is most people THINK they will get approved for 0% and they go out and apply, they get approved for 9% and go ahead and buy anyway.
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:clap::clap::clap:

Back in 2003 I was sitting in the dealership waiting to bring my new Maxima home. The people in the room next had some serious credit issues and they were trying to buy a Pathfinder. When that salesma came back in that room and told those people their notes would be $800 a month, I was like yall better not go for that. This couple went for that deal and signed those papers. All I could do was :smh::smh::smh::smh:
 
How is having a certain credit score a "catch". You must have a high credit score to qualify for lower interest rates anyway. That is why you should know your score before you go and make a large purchase. Still if they come back with a rate that is higher than you think you should pay, then walk out.

Folks act as if they don't have the ability to shop around for a better interest rate if they choose to.
 
Suge said:
How is having a certain credit score a "catch". You must have a high credit score to qualify for lower interest rates anyway. That is why you should know your score before you go and make a large purchase. Still if they come back with a rate that is higher than you think you should pay, then walk out.

Folks act as if they don't have the ability to shop around for a better interest rate if they choose to.
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I know mine....:D
 
Warndalyn said:
The average person won't qualify for this mess. :tdown:
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How is 0% mess?

This type of financing is not for the average person, it is for the EXCELLENT person. It is for the person who can pay CASH for the car, but they don't want to deplete their savings on a car. It is for the person who can pay a car off in 36 months. They are NOT selling a car, they are really selling a 5 to 7 year maintenance agreement to the customer. The people that qualify for 0% financing, probably are the people who will bring the car in every 5K miles for routine maintenance.

If you are the type of customer who buys a car and get your oil changed at Jiffy Lube, then 0% financing is not marketed toward you.
 
For Toyota, you need 650 TransUnion credit score to qualify for special rates through their bank. Normallly, their 0% is for 60 months. Especially on trucks. There's no catch, but they do keep whatever cash rebate is offered.
 
nevaehinvesting said:
For Toyota, you need 650 TransUnion credit score to qualify for special rates through their bank. Normallly, their 0% is for 60 months. Especially on trucks. There's no catch, but they do keep whatever cash rebate is offered.
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Thanks for the info. I will tell one of my friends about this who is interested in getting a toyota. Do you know what GM requires?
 

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CEE DOG said:
Thanks for the info. I will tell one of my friends about this who is interested in getting a toyota. Do you know what GM requires?
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I didn't qualify for the GM 0%, but I got a 4.5% from my credit union and with the rebates, I actually came out BETTER paying a higher interest rate with rebates/incentives than paying 0% without rebates/incentives.
 
Da_Sperm said:
I didn't qualify for the GM 0%, but I got a 4.5% from my credit union and with the rebates, I actually came out BETTER paying a higher interest rate with rebates/incentives than paying 0% without rebates/incentives.
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Thanks for the info. My boy just told me the same thing. He said you are better off with taking the rebates sometimes.
 
Suge said:
How is having a certain credit score a "catch". You must have a high credit score to qualify for lower interest rates anyway. That is why you should know your score before you go and make a large purchase. Still if they come back with a rate that is higher than you think you should pay, then walk out.

Folks act as if they don't have the ability to shop around for a better interest rate if they choose to.
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I was talking to a lady who is the Finance manger at one of the Benz dealerships here in Houston.

She told me since MB don't offer 0% nutthin.....a fico score of 675 will get you their lowest interest rate with no money down. And since MB is one of the most prestigous banks...Financing a car thru them help your credit score go up....from what she told me.
 
CEE DOG said:
What's the catch? I see GM is offering these again, but I bet your credit score has to be at least what 800? I guees the use it to sucker folks in then give them a higfher rate.
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Its a good deal if you qualify. I used it and it was perfect. No strings, no games. 3 years and no interest. :clap::clap::clap:
 
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