Best 0% APR Car Deals: January 2023

By

Managing Editor

As CarsDirect’s resident pricing expert, Alex offers must-know analyses of pricing & incentives to those looking to buy or lease a car. His consumer-oriented coverage of the latest trends and breaking news has been featured by The Wall Street Journal, Fox Business, Motor Trend, Automobile Magazine, and more.

Follow On: Twitter

, Managing Editor - January 13, 2023

The best 0% financing deals on new cars, SUVs, and trucks in January involve no-interest auto loans for 72 months plus as much as $25,000 in financing incentives which can save you a significant amount of money. In many cases, 0% APR deals on cars can beat interest rates from banks and credit unions.

While it may seem like rates are only going up, a number of car brands are still offering zero-interest loans on cars. Most of these incentives may require top-tier credit in order to qualify and can sometimes vary by region. Be sure to check with your dealership for customized financing based on your credit score.

Best 0% APR SUV Deals

    2022 Ford Edge

    The 2022 Ford Edge continues to have the best financing deals on a midsized SUV with zero interest for 6 years plus a $3,000 cash incentive. Even the sporty Edge ST is eligible for this head-turning deal.

    Ford Edge deals can vary by region and the example here is for California. We consider this one of the most deeply-discounted SUVs that you can buy.

      2023 Ford Escape SUV

      The refreshed 2023 Ford Escape is one of the only small SUVs with 0% financing. While this deal is limited to 36-month loans, it could be a great way to save given sky-high interest rates from competing brands. Looking to save gas? The Escape Hybrid offers the exact same deal.

      For maximum savings, you may want to consider the Escape Plug-In Hybrid. Opting for the PHEV can get you access to a federal tax credit. Due to the Inflation Reduction Act, there may be a strong chance that eligibility may change when new guidelines are issued around March.

      2022 Ford Explorer

      Great deals on 3-row SUVs are hard to find, but there's still time to take advantage of 0% financing on the 2022 Ford Explorer. Since this deal is limited to just 36 months in many parts of the country, Ford's 48-month rate of 0.9% APR could prove to be a better deal to help lower your payment.

      Alternatively, Ford has a 60-month deal at just 1.9% APR. Given the fact that some of Toyota's rates have reached nearly 9% APR, we consider Ford's incentives among the best in January.

          2023 Hyundai NEXO

          The 2023 Hyundai NEXO offers the largest discounts on an SUV with 0% financing for 72 months plus $20,000 in bonus cash. Although the NEXO is only sold in California, it's status as a hydrogen fuel-cell electric vehicle (FCEV) makes it eligible for a slew of incentives.

          Shoppers should know that the NEXO Limited has the biggest discount, while the entry-level Blue trim has a $15,000 incentive. The NEXO is only available through dealers certified to sell hydrogen cars, and availability may be extremely limited. Offers end on January 31st.

            Back to top

            Best 0% APR Car Deals

            2022 Toyota Mirai

            The Toyota Mirai has a 0% financing deal so good that it sounds made up. Although the hydrogen-fuel-cell-electric car is only sold in California, buyers can get no interest for 6 years and as much as a $25,000 discount that you can only get when financing.

            The Limited trim has the best deal you can get, while the entry-level Mirai XLE offers a $17,000 discount. The catch is that these discounts are only available when buying and not when leasing. This remains one of the best deals on an electrified vehicle.

                  Back to top

                  Best 0% APR Truck Deals

                  2023 Ford F-150

                  The Ford F-150 has the best 0% financing deals on a truck right now. Most versions of the 2023 F-150 now offer 0% financing for up to 36 months. XLT trims also offer $1,000 in APR Cash. This is a bonus that you can only get when financing at promotional rates. There are no other rebate deals to speak of.

                  If you're willing to give up 0% APR, we think it's worth noting that Chrysler is offering some killer deals. For example, the 2022 RAM 1500 pickup features a whopping $7,000 in savings based on offers here in California. For now, RAM 1500 deals continue to blow away the F-150 when it comes to discounts.

                  Back to top

                  Are 0% APR Car Loans Worth It?

                  2023 RAM 1500

                  If you're tempted by 0% APR, it's important to keep in mind that there may be factors that determine whether or not 0% APR is worth it. At one point, RAM offered a choice between 0% APR for 72 months and $10,000 in savings. To find the best deal, you may need to weigh the total cost versus the monthly payment.

                  On a $50,000 truck, taking the financing would cost $50,000 at $694/month before taxes & fees. With a $10,000 discount, the same truck would cost $46,382 at $644/month assuming a rate of 5%. Here, taking the rebate would cost $50 less per month and be over $3,600 more affordable over the course of the loan.

                  So should you choose rebates or 0% APR? That depends. You may find that a lower payment trumps all for the sake of affordability. However, it's also important to look at the total cost and weigh the risks of negative equity. After all, lower payments can make it very easy to buy more car than you may be able to afford.

                  Sadly, rising inflation has promoted multiple Fed rate hikes. As a result, 0% APR car loans have become a lot harder to find. Even if you can manage to score a zero-interest loan, odds are that the term will be a lot shorter than you'd like. Consider timing your purchase to find the best times to buy a car.

                  Back to top

                  , Managing Editor

                  As CarsDirect’s resident pricing expert, Alex offers must-know analyses of pricing & incentives to those looking to buy or lease a car. His consumer-oriented coverage of the latest trends and breaking news has been featured by The Wall Street Journal, Fox Business, Motor Trend, Automobile Magazine, and more.

                  Follow On: Twitter

                  Privacy Terms of Use Do Not Sell or Share My Personal Information Disclaimer Cookie Policy Manage Preferences
                  COPYRIGHT 1999-2023 MH Sub I, LLC dba CarsDirect.com