How do I get a zero interest car loan?

I’ve read that you can get a zero interest car loan, but I’m not sure how to go about it. What’s the best way to get a zero interest car loan?

Answer
You’re smart to scan for zero interest car loans. It’s almost like getting money for free!
To get a zero interest car loan, you have to be a qualified buyer. A qualified buyer typically has:
  • Strong income
  • A low debt-to-income ratio
  • Great credit
Strong income merely means that you have enough money to support the car loan. And an optimal debt-to-income ratio typically means less than 43%. To calculate your debt-to-income ratio, divide your monthly debt by your monthly pre-tax income.
Finally, you will need to have great credit to get a zero interest car loan. In most cases, you’ll need a superprime credit score of 780 or more. However, some dealerships will approve you if you have the necessary income, a low debt-to-income ratio, and a credit score of 740.
If you’re approved for a zero interest loan, don’t forget about full coverage car insurance as is necessitated by the lender.
A licensed broker, the Jerry app can help you find and compare quotes from over 50 top providers in minutes. When you find a great rate, Jerry can help you buy your new coverage and even help cancel your old policy!
Eric Schad
Answered on Nov 09, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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