I’ve been searching for those elusive 0% APR deals on cars, and it’s not as easy as it sounds. Seems like local dealerships sometimes offer them, but you’ve got to know where to look. I missed out on a great deal once and still regret it.
How long did it take you to find the 0% deals?
Kerr said:
How long did it take you to find the 0% deals?
I’ve been watching deals across all states. It’s usually not a national offer, more like local dealerships trying to attract buyers, even if it means they take a loss.
@Hal
Before COVID, my dealer had that promo all the time. After COVID hit, they got so busy you hardly ever see 0% anymore.
Kerr said:
@Hal
Before COVID, my dealer had that promo all the time. After COVID hit, they got so busy you hardly ever see 0% anymore.
Yeah, I missed a good one back in 2021. They offered me a 2021 Avalon XLE Hybrid with a sunroof for $32,900 plus tax, zero down, and 0% APR for 72 months. While I was deciding, they sold it. Still bugs me—I really wanted that Avalon as my daily driver.
@Hal
That’s tough, especially since it was the year before the last Avalon model. My 2017 Corolla had a similar deal with zero down and 0% APR. Those were good times.
@Hal
How do you usually find these deals? I’m planning to buy a new Toyota in the next year and have saved up about 10k for a down payment. Any tips for a first-time new car buyer?
@Hal
So how do you track these deals? Do you just keep checking dealer websites?
I think these deals are mostly for those with good credit and folks who can make a decent down payment.
TimothyPerez said:
I think these deals are mostly for those with good credit and folks who can make a decent down payment.
Yeah, you usually need a 20% down payment and a good credit score to qualify.
@Hal
So how much did you end up paying in total with your down payment?
TimothyPerez said:
@Hal
So how much did you end up paying in total with your down payment?
Wait, I’m confused. Your post mentions a Corolla, but I see a Honda in the screenshot. 
Edit: Never mind, I guess you got 0% APR on both cars?
@TimothyPerez
Yes, both cars got 0% APR. Bought the Corolla last year for $29k out the door with a $12k down payment. Picked up the Odyssey this February at $46k out the door with a $10k down payment. I still owe around $30,900 on the Odyssey. Toyota even gave me a $1,000 discount, but Honda wouldn’t budge on their price.
@Hal
That does sound like a good deal! A big down payment, but it probably saves a lot in interest. Nice job 
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TimothyPerez said:
@Hal
That does sound like a good deal! A big down payment, but it probably saves a lot in interest. Nice job
Yeah, both loans are for 48 months since that’s the best the dealers would offer. 20% down and financing the rest.
@Hal
What kind of credit score do you need to qualify?
The tricky part with 0% APR deals is that any markup on the MSRP kind of acts like hidden interest. It’s a good deal if you don’t get stuck with a bunch of extra fees.
Afton said:
The tricky part with 0% APR deals is that any markup on the MSRP kind of acts like hidden interest. It’s a good deal if you don’t get stuck with a bunch of extra fees.
Yeah, I thought the same. ‘There’s no such thing as a free lunch,’ right?
I managed to get a 0% APR loan on my Corolla Hybrid back in 2020, right in the middle of the pandemic. Didn’t even have to put any money down.
