0% for 60 financing
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Senior User
Joined: Feb 2004
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From: Seattle, WA
0% for 60 financing
I was wondering if any of you could shed some light on the 0% for 60 plan. Part of the disclaimer for this is that "not all buyers will qualify for it". I have a 650 credit score, which is not great but not horrible, and I do not qualify for that plan according to the dealership I went to. Why is this? Anyone know the exact cutoff they use?
Thanks!
Thanks!
Senior User
Joined: Dec 2003
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Hard to say...the dealer might not even know. They would be the best ones to ask, though. It might even vary with down payment...ie, if you wanted to put a larger down payment, maybe they would consider a lower score?
This is a list of the "national breakdown"
http://www.myfico.com/CreditEducation/CreditScores.aspx so you can see where you sit.
This is a list of the "national breakdown"
http://www.myfico.com/CreditEducation/CreditScores.aspx so you can see where you sit.
Junior User
Joined: Mar 2007
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just got my 07 on tuesday and they gave me 0% with a 650 credit score.
but i also have had my mustang with them for 3 years with never missing a payment.
that might have helped. and im sure they wanted my stang for the trade in so that they could make a few more bucks.
but i also have had my mustang with them for 3 years with never missing a payment.
that might have helped. and im sure they wanted my stang for the trade in so that they could make a few more bucks.
More Turbo
Joined: Feb 2007
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I have what I thought was great credit and they wouldn't give it to me. However I did get 3.9% for 72 months. I hate to have a loan that long, but it helped get me in the truck. I figure they just wanted to make some more money off of me.
MMNC (SS)(Ret)
Joined: Mar 2004
Posts: 11,602
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From: SE Georgia
I've got that right now. I also put $10,000 down when I bought it though. I'm thinking that is the reason I got the 0%. If I hadn't of put that money down, I'm sure I would have gotten a 3-5% rate as well.
try a credit union...they can sometimes give you 1-2% rates to undercut others for the business...besides, they're better places to bank with than a normal bank
try a credit union...they can sometimes give you 1-2% rates to undercut others for the business...besides, they're better places to bank with than a normal bank
Senior User
Joined: Dec 2003
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Originally Posted by mbogosia
I have what I thought was great credit and they wouldn't give it to me. However I did get 3.9% for 72 months. I hate to have a loan that long, but it helped get me in the truck. I figure they just wanted to make some more money off of me.
When all trades and down payments were considered, I wound up financing about 7K on my truck. There was no penalty for early payment, and the interest rate was the same so I went ahead and had them put it on a 2 year note. I fully intend to pay it off in a year or less, but if some unforseen financial circumstance comes up, I can always fall back to the lower 2yr payment.
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More Turbo
Joined: Feb 2007
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Good point. That was my thinking. I plan on trying to get it paid in 4-5yrs vs. the 6yrs. That should save me some of the financing costs.
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Super Moderator
Joined: Aug 2003
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From: Isanti, MN
Tylus, I don't think the down payment necessarily has an impact on the 0% financing...
I have a 749 credit score, and I was able to get the 0% with just $1,000 down. They originally approved me for it without the down payment, but I didn't want payments that high. I financed just under $32k
If you can get it, it's a great deal!
I have a 749 credit score, and I was able to get the 0% with just $1,000 down. They originally approved me for it without the down payment, but I didn't want payments that high. I financed just under $32k
If you can get it, it's a great deal!
Senior User
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Remember 60% of ALL auto loans today are 60 months or longer. It takes (80% of the loan's life or 48 months) BEFORE one has any equity in that transaction, providing no prepayments are made on the principal. In other words, anything LESS than 48 months on a 5 yr auto loan is "upside down."
Super Moderator
Joined: Aug 2003
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From: Isanti, MN
that is NOT necessarily true!!!!!
Depends on depreciation and interest rate, above everything else. I bought a 2005 Mustang in January of '05, and only put a down payment enough to cover the sales tax. 60 month loan, 4.24% APR.
March of this year, I traded the Stang in for $14,500. I owed $14,000 on it, and I had the extra $500 to put on the new F150. Private party value on the Stang was nearly $16,000...I was in the black for some time before I traded it.
BUT, on the majority of loans, particularly those with higher interest rates, that is very true. My new truck loan, at 0%, should go below the truck's value in less than two years.
Depends on depreciation and interest rate, above everything else. I bought a 2005 Mustang in January of '05, and only put a down payment enough to cover the sales tax. 60 month loan, 4.24% APR.
March of this year, I traded the Stang in for $14,500. I owed $14,000 on it, and I had the extra $500 to put on the new F150. Private party value on the Stang was nearly $16,000...I was in the black for some time before I traded it.
BUT, on the majority of loans, particularly those with higher interest rates, that is very true. My new truck loan, at 0%, should go below the truck's value in less than two years.
Posting Guru
Joined: Jul 2004
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0% is only available on top tier credit scores. Even though you go for 0% you can still wind upside down due to the depreciation rate of the new vehicle. These truck do have a pretty steep depreciation curve. Get them to sell it as low as possible.
Last edited by KevinM; May 14, 2007 at 02:51 PM.
MMNC (SS)(Ret)
Joined: Mar 2004
Posts: 11,602
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From: SE Georgia
I've only got a 650 ish score. There is no way I could have gotten the 0% without my downpayment. I wanted the truck, but I wasn't willing to pay 5% or more for 6-8 years. Through the magic of negotiation, I got the 0%.
I'll be in the black on my truck within 2 years also. I priced out a 04/05 with the same options as mine, and the approximate mileage. Plus, it doesn't hurt, that in 2009, I'll own a truck that is loaded with <30,000 miles. (I'm getting stationed in Hawaii, and I won't be driving much at all)
I'll be in the black on my truck within 2 years also. I priced out a 04/05 with the same options as mine, and the approximate mileage. Plus, it doesn't hurt, that in 2009, I'll own a truck that is loaded with <30,000 miles. (I'm getting stationed in Hawaii, and I won't be driving much at all)