At Autorama, we are dedicated to helping our customers get behind the wheel of cars they love, all while ensuring their financing option is great too. Many of our customers are first-time car buyers who have a lot of questions about the car buying process and auto financing. Often, they hear about 0% financing through advertising initiatives and hope that they too can get 0% financing on a used car.
When our customers ask us, can I get 0% financing on a used car they are sometimes surprised to hear that no, they cannot. Though 0% financing sounds exciting, it is a promotional offering that is only seen when purchasing a new vehicle at a new car dealership. Most often these promotions are run for short periods of time and in many cases require great credit for approval.
Though you can’t get 0% financing on a used car, there are still many great reasons to purchase a used car. See why Autorama has the used cars for sale Toronto residents have been looking for and find your dream car today.
Check 0 Financing Car Comparison Table
| Type of Financing | Typical Interest Rate | Availability | Requirements |
|---|---|---|---|
| 0% Financing (New Cars) | 0% | New car dealerships only | Excellent credit |
| Used Car Financing | 5%–12% (varies) | Independent dealers | Flexible credit |
| No Down Payment Financing | Standard rates | Select lenders | Moderate credit |
Example: On a $20,000 used car, a 0% loan for 48 months saves about $2,000 compared to an 8% rate. But used car prices are often lower, so total costs may still be cheaper even with a higher rate.
How Can I Get 0% Financing on a Car?
Many of our customers want to know how to get 0% financing on a used car. Unfortunately, 0% financing isn’t something that is seen for used car financing. In many cases, financing rates of used cars will be higher than those of new vehicles. Our article, What Should a Used Vehicle Interest Rate Be outlines what you can expect when it comes to used car interest rates.
Why Should I Buy a Used Car?
Used cars are an excellent option for so many drivers with the most important one being, they are more affordable. It is also a good choice for Uber drivers who want to start earning. New cars depreciate very quickly and are often much more expensive than a used car even if you can get 0% financing. A high-quality used car is always a great choice that we know you will feel great about.
Can I Finance a Used Car with No Down Payment?
You may be wondering if it is possible to obtain used car financing without a down payment. Thankfully, this is possible! By either trading in your current vehicle or borrowing from a lender who accepts no money down, you can get a used car even when you don’t have an initial down payment. Our article What You Need to Know About % Financing outlines the details of 0% financing.
We would be pleased to help you find a financing option that truly works for your needs. Either contact a member of our sales team or apply for auto financing online. We look forward to helping you drive a car you love.
