Automotive

Did Toyota/Honda ever had 0% finance long term?

  • Last Updated:
  • Jun 15th, 2015 10:59 am
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[OP]
Member
Nov 27, 2014
235 posts
29 upvotes
North York, ON

Did Toyota/Honda ever had 0% finance long term?

Currently they have 0.99% for as long as 84 months.

They have 0% for 36 months.

I want to know if they had 0% finance in 84 months before? or possible future.

Just looking out for the best deal.
19 replies
Sr. Member
Nov 26, 2012
720 posts
126 upvotes
Yes for toyota. I got my camry hybrid 0% financing for 60 months. Just paid it off last month.
Deal Addict
Dec 19, 2013
1272 posts
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North Vancouver
There's most likely was a cash incentive which you would've got if you didn't take 0% financing. That is the "interest" you lost.
Deal Fanatic
User avatar
May 2, 2006
6300 posts
1579 upvotes
GTA
[QUOTE]
Rebates

There are two levels of rebates: one that is shared with customers and one that is hidden for dealers to use to lock in a deal.

“The hidden, or discretionary, rebates are out there, but not in all cases,” says Baliwalla. “You can ask about these, but the dealers aren’t obliged to tell you about them.”

He adds it can often be better to collect a rebate and finance through the bank, instead of taking the manufacturer’s seemingly low finance rate.

“If you believe 0 per cent is free money, you will learn the hard way that it isn’t. If you’re given the option of a $3,000 to $5,000 rebate, you might be better off to get a bank loan at 7 per cent and take the rebate.”[/QUOTE]

http://www.wheels.ca/news/ten-car-buyin ... u-to-know/
Deal Fanatic
Sep 5, 2002
6630 posts
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neilcutter wrote:
Jun 10th, 2015 9:36 pm
Care to elaborate?
30000 car at 0% finance... May be the same as 28000 if you pay cash.

So you just paid 2000 more for the 0% rate.

As an example...
[OP]
Member
Nov 27, 2014
235 posts
29 upvotes
North York, ON
Okay, yeah i know about these things.. If you pay cash, you get more rebates..

But like sometimes, if I "lost" $2000 for paying thru finance, I think it's worth it specially the long term ones.
Deal Addict
Oct 9, 2014
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Mississauga
As another poster stated they don't "have" to. Automakers like Mazda do to entice people to buy their cars.
Deal Fanatic
Apr 16, 2007
7113 posts
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Financial District B…
0% is indeed 0% if you CANT secure 3-4.5% approx from your own funding institution.


Furthermore, the tiny rate they offer is THE incentive to try coax financed customers to stay within reasonable term lengths.
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again
Deal Addict
User avatar
Mar 7, 2007
2477 posts
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The question was already answered for Toyota - yes, during the financial crisis, they had for a while 0% for 60 months and it was a real 0%.

I do not know about Honda.
Deal Fanatic
Jan 18, 2010
6613 posts
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Canada
bomiheko wrote:
Jun 10th, 2015 9:39 pm
There's most likely was a cash incentive which you would've got if you didn't take 0% financing. That is the "interest" you lost.
Sometimes you can stack incentives and low interest rates if you are not in a hurry. It's quite common to see $3000-4000 rebates combined with 0%-0.9% financing.
Some manufacturers are more popular with this kind of scheme than others though. Hyundai/Kia, Nissan do this top of my head
Deal Addict
Jan 13, 2014
1392 posts
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Calgary
When i was buyinhg my honda accord (2009 ex-l coupe) we went into the dealership and told them that we are doing cash purchase (as i had money saved up and couldve taken a loan at prime lending if needed) - got the price down to what it would have been to cash purchase and ended up doing honda financing which was lower than my prime lending rate (it was 1.5 or 1.99%). I dont think this will work as good for the newer cars.

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