Looking for 0% APR? Start Here

Looking for 0% APR? Start Here

03/19/2020

The coronavirus pandemic is affecting essentially everyone in the United States, if not the world. Quarantines, limitations on gathering sizes and suggested social distancing to disrupt the virus’ spread are all great ideas to limit your exposure to getting sick; they also hurt new car sales. Trying to offset the coming lull, certain automakers are extending 0% loans or offering deferred initial payments to help draw people into buying a new vehicle.

For instance, General Motors announced it would extend its 0% loans to a whopping 84 months. Considering that’s a two-year extension on their regular 0% loan length, that might be enough to get the wheels turning on a new car purchase. Of course, it should go without saying that these 0% loans still require approval. If you wouldn’t have been approved for the five-year version, you probably won’t get approval on the seven-year program.

Nissan, Hyundai and Ford are all offering 90-day deferred payments on new car purchases. The delay in initial payments could see consumers making their first new car payment after the coronavirus hopefully is brought under control.

Automakers aren’t only trying to kickstart new sales during this crisis. They are also trying to help folks in current loans that are negatively affected by the virus. Reuters reports that Ford, Nissan, Toyota and GM are all working on relief for customers, like possible deferred lease payments or extensions. Hyundai will reportedly offer as much as six months of payment relief for customers who become unemployed during this time.

This might not seem like the best time to hit the local lot and pick out a new car, but if you’re considering a new car purchase, these extensions and deferments might push you into the buyer category. Doing as much research before you even consider heading to the dealership is always a good idea, but it could help reduce any time wasted in the dealership. We suggest checking out our car reviews and maybe swinging through the Car and Driver buyers guide.

Source: Read Full Article