Sunday, November 21, 2010

How do you get 0% APR on an auto loan, is it past credit or a promotion only?

I have no credit, never had a credit card and never have taken out a loan for anything. I'm 22 and my husband and I were looking into buying a new vehicle. Is 0% apr only a promotion or does it have to do with your past credit. The loan rate for the bank was 6.5%. If I wait will a 0% happen or am I just stuck with 6.5% since I have no credit?How do you get 0% APR on an auto loan, is it past credit or a promotion only?
If you have been APPROVED for a rate of 6.5% with no credit history that is very good. Most people in your situation would have an interest rate in the teens or higher.



The 0% interest rate is usually for people with above average credit, and no one is going to give this rate to a person with no credit. How do you get 0% APR on an auto loan, is it past credit or a promotion only?
Usually the 0% financially has strings attached... one of them is that you have to have a certain credit score - such as over 700 for example. I would be surprised if you have no credit at all that you would be eligible for this promotional rate. If you want a valid place to go check your credit, go to http://www.annualcreditreport.com and you can get a free credit report for one or all of the 3 credit agencies for free. Do not click on any of the promotional offers that you may end up paying for, just get your free report. You are permitted by law to get a free report once a year.



If you have no credit cards at all you can get one, buy something small and make regular payments on it to get started to establish credit. For more info go to:



http://www.autofinancing101.org/


0% financing is for qualified buyers. Having no credit history precludes you from qualifying

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