Apr 22nd, 2010 by Ross Edwards
In the month of March, 22 percent of all car buyers took advantage of 0% interest car loan incentives, which is more than ever before. The previous record for no interest car loans was July of 2006, when 21 percent of all cars bought came with zero percent interest incentives.
The high number of buyers choosing 0% incentives is very likely due to Toyota’s heavy incentives for the month of March. Toyota, which historically has not needed to offer incentives in order to sell cars, started offering no interest loans on most vehicles in order to increase sales while the company is battling highly publicized quality issues.
According to a report by Edmunds.com, 71 percent of all new Toyotas sold last month had 0% financing car loans. No interest financing was also popular at Mazda, where 58 percent of Mazda‘s March sales came with 0% interest incentives.
No interest car loan incentives can save buyers thousands, and carmakers offer them often because they are so popular with consumers. Unfortunately, many buyers get to the dealership and pick out a car, only to discover that their credit isn’t good enough to qualify for the 0% incentive. Credit is starting to come easier now, and more buyers are qualifying for no interest car loans.
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