Heidelberg. When the paintwork of the new car shines in the sun, the anticipation increases among car buyers. Then comes a zero-percent financing that the car dealer offers, just located. But this credit can turn out to be too expensive. This is indicated by the independent consumer portal Verivox.

Picture: Cars 

“There is no zero-percent funding, nor a loan that is well below the market interest rate – for example, at 0.99 percent,” says Ingo Weber, CEO and Chief Financial Officer of the independent comparison portal Verivox. If the car dealer still makes such an offer, then he or the manufacturer has subsidized it. But that usually means that the buyer receives less or no discount on the purchase price. Car buyers may pay more than with a regular loan from a bank they are looking for.

Tip: Interested parties should better negotiate first with the car dealer the highest possible discount on the new price. Then, a credit comparison on the Internet helps to find out the best interest rates.

3,600 euros saved compared to zero-percent financing

An example: Whoever buys a new car from Internet car portals, currently receives 19.5 percent discount on the new price. This is shown by the CAR discount index of the University of Duisburg-Essen for the most popular models. At a list price of 25,000 euros, this gives 20,125 euros, which would be to finance. A favorable fixed interest offer is currently at 3.99 percent * (effective annual interest, 36 months maturity). Then the car buyer pays 21,363.98 euros including the interest.

A zero-percent financing without a discount costs the full list price, in the example 25,000 euros. Who compares on the Internet and selects his own bank, has saved in this example over 3,600 euros. “Car buyers often go cheaper if they first negotiate a discount and then independently compare the loan,” says Ingo Weber.

Not in every case the discount is so high. But according to calculations by Verivox already a price advantage of 5.80 percent is enough. Then an independent loan is 3.99 percent cheaper than a zero-percent financing from the car dealer (36-month term). Comprehensive advice on credit is also available to consumers on the Internet. Good comparison portals examine the requests of the users and search for the best individual interest rate.

Interest rate comparison zero percent financing (Excel)

Further information

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