: What kind of credit score do you need for 0%?

12-13-2010, 09:19 PM
Just wanted to see if any guys on here opted for the 0% financing.. Just curious what kind of credit score you need for that though... I checked all 3 of my credit reports and have 730 or above in all credit reports which shows up as excellent.. I also have a steady job where I currently make 65k a year.. Just wondering if this is good enough to qualify for the 0% or if you need something more.. Thanks

Charger RT 2010
12-13-2010, 09:48 PM
0% is good if the lowest loan rate you can get makes the amount of interest you would pay over the time of the loan greater than the rebate amount. I have really great credit and although the 0% was an option my 2.99% interest rate saved me 1600.00 over the time of the loan if I took the 3k rebate, which I did. (My interest over 72 months would be approx 1400.00)

Have them calculate the interest you would pay over the full time of the loan at the lowest interest rate you can get and bump that against the rebate amount. If the interest rate is more than the rebate and the 0% is offered, that is when you would want to take the 0% interest rate.

0% interest does not always give you a lower monthly paymen if that is what you are looking for.

Hope this makes sense.

12-13-2010, 10:37 PM
Dude, you're good to go!!

I'm no finance expert, but I've financed MANY cars over the years. I've gotten raped with as much as 18% interest (in my younger days) on auto loans, to 0% 3-year lease rates. From my experience, your FICO score needs to be around 700, and they like to see your debt-to-income ratio around 40% to be considered the "well qualified buyer" they mention on the television ads.

I did the 0% offer through GMAC rather than the cash-back incentive only because the lowest I could get from anyone else was 6%. I have good credit, (3-bureau FICO's 750-770) but my problem is, ALL our debt is in MY name alone because my wife had to file Chapter 7 (thanks to her scumbag ex-husband). So on paper, it looks like I'm at 80% debt-to-income because they wont take into consideration my wife's income unless she's on the loan, and if she's on the loan, the banks increase the interest rate... "catch-22".

12-13-2010, 10:39 PM
yea.. my head has been scrambling running so many numbers its not even funny.. my ideal goal is to be at 300 or less for a brand new charger.. so ill have to see what some of these dealerships can do.. i was quoted 27,500 out the door for a charger 3.5 including all taxes and fees.. not an sxt but not an se.. just a 3.5l.. only 8 miles.. the 27,500 is not including any incentives or anything.. supposedly that is 500 under invoice cost.. but how convienient that they throw in a 579 handling fee which is supposedly for dealer transit fees for goign to different facilities and whatnot.. im gonna have to go in and see what my financing options are and if i qualify for the 0% or what other rates im at..

12-13-2010, 10:43 PM
I got the 0%. I make around what you make and have roughly the same credit. GOGOGOGOGO!

12-13-2010, 10:47 PM
i think there was a thread on here about a guy who was getting a base 3.5 new for like 15500?

12-13-2010, 10:50 PM
Damn thats crazy cheap. I got my 2010 for 32K with the chrome and sound package. Nothing crazy but below book. 0% too of course.

12-13-2010, 11:01 PM
yes its a few posts down


12-13-2010, 11:04 PM
well after reading the thread more it turns out the price is with a bunch of discounts like military and such.

12-14-2010, 05:13 AM
Your credit scores are excellent and i suggest you to move ahead.Normally the 0% is used as a bait to get you into the dealership they will only give it to you if you have a 780+ FICO and even then you need to have outstanding income on top of it. It isn't normally the best deal if you do not want a really high payment either because the normal term is usually 24 to 36 months max.

12-14-2010, 10:01 AM
Ally financial who does the lending now on all Chrysler/Jeep/Dodge Incentivized rates buys on Tiers....Essentially a customer in the mid 600's could be approved for 0% barring any substantial derog, It also depends how good your dealership is. I can pretty much get Ally to buy anything I send them right now as long as we can make it sound good...Good luck ! Also the 0% on the Chargers is up to 72 months until the end of the year, you may also want to ask them to show you the difference between using the 0% and taking all of the rebates and financing through an outside lender that may give you 3-4% sometimes is works out better for the customer. We always try to make sure your buying the car the smartest way possible, so be sure to have them show you every option to your financing.