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September 17, 2018

Rising interest rates mean fewer no-interest car loans

  • You can still get a deal on a car, but you'll need to be more creative.
    • By MATT JONES
    Edmunds

    Since the early 2000s, zero percent annual percentage rate auto loans have been an important part of the car-buying landscape. Whether the vehicles were subcompact cars or heavy-duty trucks, zero percent APR offers seemed to be everywhere, particularly around big holiday sale weekends and the fall car-clearance season.

    Interest-free offers usually require shoppers to have a credit score above 700 to qualify. But if they can tick that box, they can net some significant savings: A buyer who gets a zero percent interest rate on a $25,000, 60-month loan would save $3,300 in interest charges, compared to a loan with the average 5 percent APR.


     
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