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The Truth about Zero Percent Financing

The Truth about Zero Percent Financing

Posted on 11/17/2013

Who isn’t advertising zero percent financing these days…but is it too good to be true? When you take a closer look, the few people who actually qualify for this special rate may end up paying a higher price for their car and negate the “savings” of a zero percent rate.

Zero percent financing is only offered to a small percentage of buyers. First, it may only be available for specific, in-stock models. Then, only buyers with the highest credit scores are eligible and the loan is only available on short term financing, making the monthly payment unaffordable for many people.

Finally, even if you and your car qualify, you have to forfeit any manufacturer’s rebate available on the vehicle. Sometimes the rebate is thousands of dollars and it is actually a better deal to take the rebate and finance through your credit union. In the example below you can see the difference. You would actually be ahead, over $200, by financing with SCCU and you would also have an affordable monthly payment.

Zero Percent Financing

In every negotiation, knowledge is power.

Get pre-approved before you go shopping to learn which options are best for you. Reputable lenders will help you determine the trade-in value of your current vehicle, your credit score, and the value of the vehicle you are looking to purchase. All of these will provide tremendous leverage during the negotiation process.

Another helpful hint is to negotiate each part of the deal separately. Purchase price should be established first, then trade-in value, and lastly your financing options. This ensures neither of the last two elements will harm your chances of getting the lowest price possible.

SCCU knows buying a car can be stressful. We will be there for you every step of the way.

Regardless of who you choose as your lender, SCCU wants to help you get a great deal. Visit to read our dealership ratings and unedited member reviews. Simply look for the Watchdog seal to find the dealers, products, and services that other SCCU members highly recommend. Want to learn more? Call to speak with an SCCU Express Sales representative trained to help protect your best interests.

About Space Coast Credit Union

Space Coast Credit Union was chartered in 1951 and is headquartered in Melbourne, Florida. The Credit Union serves over 239,000 members with assets of over $3 billion through a network of 57 branches and over 100 ATMs located throughout Florida and through its web site, Space Coast Credit Union is open for membership to anyone who lives or works in the Florida counties it serves.

  • SCCU Routing Number: 263177903

Space Coast Credit Union membership is open to all who work or live in Brevard, Broward, Flagler, Indian River, Martin, Miami-Dade, Monroe, Orange, Osceola, Palm Beach, Seminole, St. Johns, St. Lucie, or Volusia Counties in Florida.

  • Brevard: 321-752-2222
  • Broward: 954-704-5000
  • Miami-Dade: 305-882-5000
  • All Other Areas: 800-447-7228

*APR = Annual Percentage Rate. ^APY = Annual Percentage Yield.

Space Coast Credit Union (SCCU) © 2015



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Member Rewards

Member Rewards is an exclusive Space Coast Credit Union program that provides benefits such as free or discounted services based on your level of participation in the credit union.

  • Gold members may order one FREE box of SCCU logo checks per year.
  • Platinum members may order unlimited FREE boxes of SCCU Exclusive Style checks (one box at a time).
Learn more about the Member Rewards program.