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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?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
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.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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