Cars with "Zero Percent" Interest Rates

AbdulRahmanM · 4th July 2013, 11:30

Hi All,

Since my religion does not allow to Give/Take Interest, i am forced to look out for Zero percent Interest on cars, to own a new one. My past experiences with used cars does not allow me to buy a similar one. Hence i would love to know if any of you come across such news.

I know recently Vento was offered in Zero percent interest. I am looking for a hatchback within a budget of 6 lakhs.

NOTE TO MODS: Kindly move/delete this post if you feel this is inappropriate in this section.

soonya · 4th July 2013, 12:29

Some banks do give '0' percent loans when you pay a hefty down payment and promise to close the 'loan' within 11 to 12 months. Some dealers also have their own schemes, I was aware of something like that from Toyota some time ago. I have seen some tenures of 15 months or so.

fash_1 · 4th July 2013, 12:51

OP - The polo is also available with the 0% offer IIRC and should come around your mentioned budget. You've mentioned about past experience with used cars, were these bought on a 0% interest loan?

GTO · 4th July 2013, 13:06

Hi Abdul,

If you don't want to restrict your choices, you should consider Leasing. No interest, cost works out to about the same as a loan (cheaper if you're a businessman) and every leasing company will give you a buyback option at the end of the lease tenure.

ashw_r · 4th July 2013, 13:27

Hi Abdul, I purchased a Rapid recently and instead of availing the discount of ~70k being offered at that time, asked them to work out a 3 year 0% interest loan instead.

Obviously, considering a Fabia (which is in your budget) is not a good idea now since it is being discontinued but perhaps you could ask other dealers to put out a similar deal on heavily discounted models (vista 90 for e.g.)

EDIT - this worked out because I was availing the loan from VW finance and not some bank.

AbdulRahmanM · 5th July 2013, 10:11

Hi GTO, I am open for leasing. I still own a Leased Toyota Sienna in the US. Let me check out the thread and update if anything turns out fruitful.

Thanks for the pointer.

arif_iq · 25th October 2017, 14:42

Quote:

Originally Posted by AbdulRahmanM

Hi GTO, I am open for leasing. I still own a Leased Toyota Sienna in the US. Let me check out the thread and update if anything turns out fruitful.

Thanks for the pointer.

Hi Abdul,

Did you get anything similar to it, in India?

I am in same dilemma and I would go for used car of-course (without interest) in-case of no choice.

AbdulRahmanM · 25th October 2017, 22:24

I didnt get any offers like that still

4th July 2013, 11:30	#1
AbdulRahmanM BHPian Join Date: Nov 2009 Location: Chennai Posts: 167 Thanked: 9 Times View My Garage	Cars with "Zero Percent" Interest Rates Hi All, Since my religion does not allow to Give/Take Interest, i am forced to look out for Zero percent Interest on cars, to own a new one. My past experiences with used cars does not allow me to buy a similar one. Hence i would love to know if any of you come across such news. I know recently Vento was offered in Zero percent interest. I am looking for a hatchback within a budget of 6 lakhs. NOTE TO MODS: Kindly move/delete this post if you feel this is inappropriate in this section.
	() Thanks

4th July 2013, 12:29	#2
soonya BHPian Join Date: Oct 2012 Location: Hyderabad Posts: 94 Thanked: 94 Times	re: Cars with "Zero Percent" Interest Rates Some banks do give '0' percent loans when you pay a hefty down payment and promise to close the 'loan' within 11 to 12 months. Some dealers also have their own schemes, I was aware of something like that from Toyota some time ago. I have seen some tenures of 15 months or so.
	(2) Thanks

4th July 2013, 12:51	#3
fash_1 BHPian Join Date: Jan 2005 Location: Trichy Posts: 233 Thanked: 92 Times	re: Cars with "Zero Percent" Interest Rates OP - The polo is also available with the 0% offer IIRC and should come around your mentioned budget. You've mentioned about past experience with used cars, were these bought on a 0% interest loan?
	() Thanks

4th July 2013, 13:06	#4
GTO Team-BHP Support Join Date: Feb 2004 Location: Bombay Posts: 71,818 Thanked: 321,408 Times View My Garage	Re: Cars with "Zero Percent" Interest Rates Hi Abdul, If you don't want to restrict your choices, you should consider Leasing. No interest, cost works out to about the same as a loan (cheaper if you're a businessman) and every leasing company will give you a buyback option at the end of the lease tenure.
	(1) Thanks

4th July 2013, 13:27	#5
ashw_r BHPian Join Date: Nov 2009 Location: Bangalore Posts: 45 Thanked: 11 Times	Re: Cars with "Zero Percent" Interest Rates Hi Abdul, I purchased a Rapid recently and instead of availing the discount of ~70k being offered at that time, asked them to work out a 3 year 0% interest loan instead. Obviously, considering a Fabia (which is in your budget) is not a good idea now since it is being discontinued but perhaps you could ask other dealers to put out a similar deal on heavily discounted models (vista 90 for e.g.) EDIT - this worked out because I was availing the loan from VW finance and not some bank. Last edited by ashw_r : 4th July 2013 at 13:31.
	() Thanks

5th July 2013, 10:11	#6
AbdulRahmanM BHPian Join Date: Nov 2009 Location: Chennai Posts: 167 Thanked: 9 Times View My Garage	Re: Cars with "Zero Percent" Interest Rates Hi GTO, I am open for leasing. I still own a Leased Toyota Sienna in the US. Let me check out the thread and update if anything turns out fruitful. Thanks for the pointer. Last edited by AbdulRahmanM : 5th July 2013 at 10:15.
	() Thanks

25th October 2017, 22:24	#8
AbdulRahmanM BHPian Join Date: Nov 2009 Location: Chennai Posts: 167 Thanked: 9 Times View My Garage	Re: Cars with "Zero Percent" Interest Rates I didnt get any offers like that still
	(1) Thanks