0% Financing

zathrak · Post by **zathrak** » Sun Apr 05, 2009 1:51 pm

For what it's worth, while I was on the phone with a GM Pontiac dealer, I was inquiring as to what terms they typically approve 0% financing on. The finance manager explained that with them, they base it on a 4-tiered system where there are tiers "S (which is the "perfect buyer"), then tier A, B, C, and D. Typically anyone that rates a tier B or above are the ones who can be offered the 0%. Then after some research, I stumbled across this article, which isn't based on 0% financing but rather on credit approval in general. http://www.edmunds.com/advice/....htmlEither way, I am particularly interested in this because I am in need of the 0% deal while it's here and I am trying to learn more about this sticky little 0% topic. Any experiences or words of wisdom on this front?

abbotlex · Post by **abbotlex** » Sun Apr 05, 2009 11:53 pm

Just hypothetical, but I always assumed you needed a good credit score AND a significant down payment (15% to 20%) to get the 0% rate.

mspalmer · Post by **mspalmer** » Mon Apr 06, 2009 12:12 am

I just got 0% on my new Outlook about 3 weeks ago. I have a good credit score but I didn't put anything down. I was turning in a lease, so that might have been the reason.Mike

zathrak · Post by **zathrak** » Mon Apr 06, 2009 11:36 am

For what it's worth...I asked another dealer today what it takes to get the 0% is to have a 621 or better on the FICO...hmmm...

blackphoenix · Post by **blackphoenix** » Mon Apr 06, 2009 12:21 pm

I got the 0% with a FICO score close to a "good" rating and only my trade in as money down. I honestly thought I wouldn't get approved, but I did!

jake75 · Post by **jake75** » Mon Apr 06, 2009 12:55 pm

Quote, originally posted by zathrak Â»For what it's worth...I asked another dealer today what it takes to get the 0% is to have a 621 or better on the FICO...hmmm...621? Last I checked mine was 814. They ought to pay me to borrow money.

kostby · Post by **kostby** » Tue Apr 07, 2009 12:07 am

With an 814 YOU should be in Washington, or on Wall Street, straightening those folks out!'Jake75 for Congress in 2010'

Wolfman213 · Post by **Wolfman213** » Tue Apr 07, 2009 12:17 am

haha you could probably add all 3 of my scores up and still not get 814!!!

jake75 · Post by **jake75** » Tue Apr 07, 2009 1:47 am

Quote, originally posted by kostby Â»With an 814 YOU should be in Washington, or on Wall Street, straightening those folks out!'Jake75 for Congress in 2010'Yeh - I wonder who got the other 36 points. But if I'm so smart, why ain't I rich? And why did I lose so much in the market recently, and why I am standing in front of a mirror practicing "Do you want fries with that" and "Welcome to Walmart"?.

keithvibe · Post by **keithvibe** » Tue Apr 07, 2009 9:10 am

it's not hard to get a fico score in the 800's. Both my wife and I have scored that high.

jake75 · Post by **jake75** » Tue Apr 07, 2009 11:29 am

Did I say getting an 800+ FICO was hard?Sometimes when I shake my head about people (on here and elsewhere) who want to buy a new car with no money down I have to remember 42 years ago when I bought a new 1967 Cadillac Deville Convertible for about $6,000 out the door. My salary was $10,000 a year at that time. I think I financed 95% of that with a personal bank note. Back then it was for 6 months - when it came due you paid the interest and something on principal (or not) and renewed it. I had it paid off in about 3 years. I also remember my auto insurance being $30+ something every three months.

lowincash · Post by **lowincash** » Tue Apr 07, 2009 12:55 pm

my credit score was 812 and i have to pay 7% finance grrr i think i got ripped...but whatever i was desparate for a new car and wanting to get rid of my gas guzzler lol

0% Financing

0% Financing

Re: )% Financing (zathrak)

Re: )% Financing (abbotlex)

Re: )% Financing (mspalmer)

Re: )% Financing (zathrak)

Re: (kostby)

Re: (jake75)

Re: (keithvibe)