The coronavirus financing deals automakers like Ford, GM, and FCA are offering during the coronavirus outbreak are likely to be some of the best that we see for a while. Not only are the automakers being forced to suspend production around the world, the vehicles that are on car lots aren’t not selling. In an effort to move some steel, the big three have all rolled out zero percent APR financing deals. We talked about Ford’s deal this morning, and while it had some significant caveats, for some people, zero percent interest for 84 months is a better deal than rebates and incentives.
However, as it turns out, these special coronavirus financing deals are only for those with good credit. CarsDirect reports that FCA is offering seven-year loans at zero percent APR on popular 2020 models, including the RAM 1500, among others. The caveat with FCA is that the zero percent APR deal is only available for customers with a FICO score over 680.
Ford wants shoppers to contact a dealer to find out all the stipulations on its zero percent APR for 84 months deal. Reports indicate that credit requirements take advantage of the Ford special financing offers are very similar to what FCA is doing. GM offers vague terms for its zero percent APR deal with GM Financial stating that it’s limited to those with what it terms “A+” credit score.
Shoppers with low credit scores are used to being shut out from the best deals offered. Many automakers hope that these deals will lure people into dealerships, and they will fall in love with the vehicle and purchase it even if they don’t qualify for the special deals that brought them into the dealership.