Are you in the market for a new car but want to avoid paying high-interest rates on financing? Look no further! We’ve done the research and compiled a list of the top 5 lenders in Canada offering zero per cent financing on cars. So say goodbye to hefty interest fees and hello to affordable monthly payments. Keep reading to find out who made our list and how you can take advantage of these fantastic offers.
What is Zero Percent Financing?
Zero per cent financing is a type of car loan in which the interest rate is set at 0% for the entire length of the loan. This means that you will not have to pay any interest on your loan, and your monthly payments will go towards the loan’s principal balance.
There are a few different types of zero-percent financing offers available from lenders. For example, some offers are only available for new cars, while others may be available for both new and used cars. There may also be restrictions on the type of vehicle that you can purchase with zero per cent financing. For example, some lenders may only offer this type of financing on specific models or brands of cars.
To qualify for zero per cent financing, you will typically need to have a good credit score. When considering your application, lenders will also look at factors such as your income and employment history. If you do not meet the requirements for zero per cent financing, you may still be able to get approved for an auto loan with a higher interest rate.
Who is Offering Zero Percent Financing on Cars Canada?
There are many lenders in Canada who are currently offering zero per cent financing on cars. This is an attractive option for many car buyers, as it means they can finance their purchase without paying any interest. However, it is essential to remember that zero per cent financing deals are usually only available on new cars and that you will still need to make a down payment.
Top 5 Lenders for Zero Percent Financing on Cars in Canada
If you’re in the market for a new car, you may wonder if any lenders offer zero per cent financing. The good news is that there are several lenders in Canada who are currently offering this type of financing. Here are the top five:
1. Sparta Finance
Sparta Finance is a great option if you’re looking for a zero-percent financing deal on a new car. Based in Canada, Sparta Finance offers a wide range of financing options for new and used vehicles. They also provide a variety of other services, such as extended warranty coverage and vehicle protection plans.
When it comes to zero per cent financing, Sparta Finance offers some of the best deals in the business. For example, they currently have a promotion where you can get 0% financing for up to 84 months on select new vehicles. That means you could finance a brand-new car with no interest for seven years!
Of course, there are some conditions that apply to this promotional offer. For instance, you’ll need to have a good credit score to qualify. But if you do qualify, Sparta Finance is an excellent option for getting zero per cent financing on your next car purchase.
Website: https://spartafinance.ca/
Address: 1406 Blanshard St, Victoria, BC, V8W 2J2
Phone Number: 1-833-477-2782
Email: loans@spartafinance.ca
2. Canada Drives
Canada Drives is a leading auto financing company that offers zero per cent financing on new and used cars. They have a wide network of dealerships across the country, so you’re sure to find a great deal on the car you’re looking for.
The company also offers flexible payment plans and no credit check financing to make it easier for people with bad credit to get the care they need. Canada Drives also provides car loan advice and resources to help customers make informed decisions about their car purchases.
Website: https://www.canadadrives.ca/
Address: 555 Burrard St #600, Vancouver, BC V7X 1M8
Phone Number: +1-888-877-2898
3. Vancouver Auto Credit
Vancouver Auto Credit is a leading provider of auto loans for people with bad credit. They offer competitive rates and terms, and their team is dedicated to helping you get the financing you need to purchase a new vehicle.
Whether you have bad credit, no credit, or bankruptcies on your record, Vancouver Auto Credit is committed to making car ownership a reality for everyone. They understand the challenges that come with having a low credit score and are dedicated to helping you find a loan that works for you.
They offer both traditional auto loans as well as leasing options. They also have relationships with several dealerships so that you can find the perfect vehicle for your needs. Plus, their team of experienced customer service agents are available to answer any questions you may have about the financing process.
Website: https://www.vanautocredit.ca/
Address: 19335 Langley Bypass #110, Surrey, BC V3S 6K1
Phone Number: +1-604-372-3999
4. ProCredit Auto Finance
ProCredit Auto Finance is a leading Canadian auto financing company that offers zero per cent financing on new and used cars. The company has a wide network of dealerships across Canada and provides funding for both private individuals and businesses. In addition, ProCredit Auto Finance offers a variety of flexible repayment options and competitive interest rates, making it an excellent option for those looking to finance a new or used car.
Website: https://procredit.ca/
Address: 6340 Roper Rd NW, Edmonton, AB T6B 3P9
Phone Number: +1-780-905-5626
5. AutoLoans.ca
AutoLoans.ca is one of the top lenders in Canada that offers zero per cent financing on cars. They have a wide range of vehicles to choose from, and their interest rates are very competitive. They also offer a variety of other services, such as car insurance, extended warranties, and roadside assistance.
They simplify the loan process with a simple online application and 24/7 customer service. No matter what type of vehicle you’re looking for, AutoLoans.ca can help you get the best deal. They also provide flexible payment terms, so you can find one that fits your budget. With an A+ rating from the Better Business Bureau, you’ll get top-notch service when you choose AutoLoans.ca.
Website: https://www.autoloans.ca/
Address: 80 Jutland Road, Etobicoke, Ontario, M8Z 2G6
Phone Number: (800) 957-5394
Advantages and Disadvantages of Zero Percent Financing
There are a few key advantages and disadvantages to think about when it comes to zero per cent financing on cars in Canada. On the plus side, you can save a considerable amount of money on interest payments over the life of your loan. This can free up some extra cash each month that can be used for other purposes or saved for a rainy day. Additionally, zero per cent financing typically means you have a shorter loan term, so you’ll pay off your car sooner.
On the downside, qualifying for zero per cent financing can be difficult. Lenders typically require excellent credit scores and proof of income and employment. You need to have these things in order to qualify for the best rates. Additionally, because zero per cent financing deals are often promotional offers, they may only be available for a limited time. So if you miss the window of opportunity, you could end up paying more than you originally planned.
Tips for Successfully Negotiating a Zero-Percent Car Loan
If you’re looking for a zero per cent car loan in Canada, you can do a few things to increase your chances of being approved:
- Ensure that your credit rating is high. A higher score increases the likelihood of being approved for a zero per cent loan
- Try to get pre-approved for financing from a lender before you go to the dealership. This will prevent you from being tempted to overpay because you will know exactly how much you can afford to spend on a car
- Don’t hesitate to negotiate with the dealer
Many dealerships are willing to offer zero per cent financing deals if it means getting the sale. If you follow these tips, you’ll be in an excellent position to get approved for a zero-percent car loan in Canada.
Conclusion
Zero per cent financing on cars can be an excellent way to purchase a vehicle without the added interest costs. We hope that this article has been helpful in providing you with some of the top lenders offering zero per cent financing in Canada. However, it is essential to compare all your options carefully before making any final decisions and always ensure you read through all the terms and conditions before signing anything. These steps will help ensure you get the best deal possible when shopping for a new car!
FAQ – Who is Offering Zero Percent Financing on Cars Canada?
Is it possible to get 0% interest on a car loan?
It sure is! In fact, many dealerships and lenders are offering 0% interest financing on new cars in Canada. To qualify for these promotional rates, you typically need to have a good credit score and meet other eligibility requirements.
If you’re looking to finance a new car with 0% interest, shop around and compare offers from different dealerships and lenders. You can get an incredible deal on your next car purchase with some research and negotiation.
Is a 0% loan a good deal?
A 0% loan is an excellent deal if you can find one. However, there are a few things you need to be aware of before signing on the dotted line.
Before proceeding, ensure that you comprehend the loan’s terms. Most 0% loans are only available for a limited time, typically 12 to 36 months. That means you’ll need to pay off the entire loan within that time frame to avoid paying any interest. If you don’t think you can do that, it’s not worth getting the loan.
Second, remember that a 0% loan still costs money. The lender is taking on all of the interest risks, so they’re likely to charge higher fees and require a higher down payment than they would for a regular loan. Make sure you compare apples to apples when shopping for loans, so you know you’re getting a good deal.
Third, be prepared for higher payments. Since you’re not paying any interest, your monthly payments will be applied entirely to the principal of the loan. That means your payments will be higher than with a traditional loan, even if the total amount borrowed is the same.
If you can handle those three things, a 0% loan can be an excellent way to finance a new car purchase. Just ensure you do your homework first to understand what you’re getting into.
What is the best credit score for a low-interest car loan?
If you’re looking for a low-interest car loan, you’ll want to aim for a credit score of 700 or higher. This will give you the best chance of qualifying for a loan with a competitive interest rate.
A few factors go into determining your credit score, including your payment history, credit utilisation, and your credit types. If you have a good mix of different types of credit (such as revolving credit and instalment loans) and you’ve been managing your debts responsibly, you should be in good shape.
If your credit score isn’t quite where you’d like it to be, options are still available. Some lenders may be willing to work with you if you have a lower score, and there are also programs available that can help you improve your credit over time.
How to get the lowest rate on car finance?
You may be wondering how to get the lowest rate on car finance. The answer is simple: do your research and shop around.
When it comes to financing a car, there are a few things you should keep in mind. First, your credit score will play a big role in determining the interest rate you receive. You’ll likely qualify for lower rates if you have good credit.
Second, your loan type will also affect your interest rate. For example, loans from dealerships tend to come with higher rates than loans from banks or credit unions.
Third, the length of your loan will also impact your interest rate. Shorter loans typically come with lower rates than longer loans.
Don’t be afraid to negotiate. Many lenders are willing to offer lower rates if you’re able to show them that you’re a good customer.
By following these tips, you can be sure to get the lowest rate on car finance possible.
Does 0 financing affect credit score?
A zero-percent financing offer on a car loan means you will not have to pay any interest. This can be a great option if you are looking to save money on your car purchase. However, it is important to understand how this type of financing can impact your credit score.
When you take out a loan, the lender will report the loan to the credit bureaus. The reported information includes the loan amount, the interest rate, and the payment history. With a zero per cent financing offer, the reported interest rate will be zero per cent.
The payment history is one of the most important factors in determining your credit score. If you make your payments on time and in full, it will positively impact your score. However, if you miss payments or make late payments, it will have a negative impact on your score. Therefore, ensuring you can afford the monthly payments is important before taking out a zero-percent financing offer.
Another factor to consider is the length of the loan term. A shorter loan term typically results in a higher monthly payment but may be easier to manage than a longer-term loan.
On the other hand, if you choose a longer loan term, you may end up paying more in interest over time, even though your monthly payments are lower. It is important to weigh all these factors when deciding whether or not to take advantage of a zero-percent financing offer.
