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Is there any way to avoid paying interest on a car loan?
I hate paying interest on my purchases. Is there any way to avoid paying interest on a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The only surefire way to pay no interest on your car loan is to get 0% interest financing. These deals are typically only offered by the manufacturer as a promotional rate. You can look for it on these occasions:
- Holidays, such as Christmas or Labor Day
- The end of the year when the dealer wants to clear out old stock
- When car sales are lagging
Remember that 0% interest car loans are available only to extremely qualified buyers, meaning you’re going to probably need a superprime credit score, which is anything 780 or above—as well as enough income and a low debt-to-income ratio.
But don’t let your savings end there. You can also save money on car insurance! Sign up on the
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- Gregory R.
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