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Zero Percent Financing

We Beat Zero Percent Financing!

When purchasing a new vehicle you face many choices. The most difficult choice is often financing. However, you have options!

It has been commonplace in the automotive industry to offer special rebates. We are bombarded with television commercials from auto dealers offering us 0% and .9% auto loan rates. Sounds good, right? The answer is a definite maybe. In many cases, the average auto buyer won’t be offered those special rates. And even if you can qualify, you can often do better by taking the cash rebate and financing at Credit Union of New Jersey. If we can’t beat it, we’ll tell you.

Who gets the special rates?

According to a Consumer Task Force for Automotive Issues survey, less than 10 people out of 100 who financed at the dealership got zero percent rates. Such rates are used to entice you to go to the dealership, but few consumers actually get them.

Why didn’t they get it? Since the dealerships make no money on this rate, they generally do their best to switch people to higher rates. How do they do that? “Oh, you don’t qualify for that rate. Uh, and that rate doesn’t cover that specific vehicle.” Who determines who qualifies? The dealerships. Who determines if the vehicle actually qualifies for the rate? The dealerships.

If you look at the fine print on recent 0% offers, you’ll see such language as this…

  • For qualified buyers
  • For well-qualified buyers
  • Residency and other restrictions may apply
  • Most buyers will not receive this special rate
  • Not available in all areas
  • Not available on these models
  • See dealer for details

These disclaimers give dealers a way to steer you away from the special offer into something more lucrative for them.

Can you do better than zero percent?

If a rebate is offered as an alternative to 0%, the answer is often yes! To do so, you’ll need to apply the rebate as a down payment on the vehicle. Look at the two examples below with a $3,000 rebate. At CU of NJ’s current rate for members with the best credit, you can do better. See for yourself:

Example: Loan Term: 36 months
Sales Price $15,000 $20,000
Interest Rates 0% 5.24%* 0% 5.24%*
Manufacturers rebate $0 $3,000 $0 $3,000
Amount to finance $15,000 $12,000 $20,000 $17,000
3-Year total Interest Paid $1,050 $1,488
Total Payments of $15,000 $13,050 $20,000 $18,488
CU of NJ financing with a dealer rebate saves… $1,950 $1,512

What saves you the most money?

In most cases, take the rebate and finance at your credit union’s low rates. As you can tell from the example above, we’re able to save members money over dealer financing – often even when zero percent financing is offered.

To make sure you’re choosing the best financing option, call our Loan Department at 609.538.4061 and ask about being pre-approved.

Enjoy the freedom to prosper. If you have questions about Zero Percent Financing, just give us a call at 609.538.4061 or 800.538.4061, email us at, or stop by one of our branches.


CU of NJ loan rates are based on your personal credit history and are subject to change.

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