A 0 car finance offer is typically a strategy used by dealers to get consumers to commit to buying a car with the promise of zero percent interest on top of their monthly loan payments. At a first glance, this offer is an extremely good one. If taken at face value. However, deep within that façade are countless terms, subtexts, and fine print which, when examined more closely, greatly outweighs the advantages of the offer. Imagine this: a zero percent car finance offer is much like a spectacular gift with strings attached. You get the car you want, and in exchange, you get double the stress and triple the sleepless nights you are already having.
A 0% car finance loan is much like that present you get at that random exchange gift at that random Christmas party you attended. The gift may look neat and pretty outside, but you find the gift inside infinitely more disappointing than what you expected.
First of all, it is important to note that this type of loan is only accessible to a select few who have a credit score of 700 and above. With this criterion alone, more than three thirds your competition for the loan shall already have been disqualified. If you do manage to qualify and accept this loan, you shall then be bound by strict rules.
One of the most common rules is you have to pay everything by three years. Unlike other loans, you won’t have the option to select a longer payment schedule. This will make payments exceptionally harder on your pockets. Also, you won’t even get to select the make and model of the car you want. You only get to choose from the few cars which would probably not be up to par with your expectations.
Putting things into perspective, it may just be easier to get a bad credit car loan rather than getting a 0% car finance loan with all its strings.