Some of the interest-free loans are good for six years.
Summer is nearly upon us, coronavirus be dammed. Automakers have stepped up with aggressive purchasing deals to keep people coming into showrooms, and that includes a very recent lease deal from Honda for the delectable Civic Si. Manufacturing plants in the U.S. have started back up, dealerships in many places are open, and as such, we’re seeing the very best of these coronavirus-fueled financing rates fading away. Some are still going strong, however.
A fresh report from Cars Direct brings us up-to-date on where the best finance rates can be found, and they all come from automakers based outside the United States. The list starts with Kia, a brand that has long held a position of value-priced models in the automotive ranks. The company offers zero-percent financing for six years (72 months) on five models – the Soul, Sportage, Sorento, Optima, and the hot Stinger – and seven-year (84-month) financing at 1.9 percent is also available on some vehicles.
Mazda’s deal isn’t quite as strong, but the Japanese automaker still has zero-percent financing for every model in its lineup for up to five years (60 months). In some parts of the U.S., Mazda will also offer up to $500 cashback in addition to the finance deal. Lexus offers a similar zero-percent deal for five years, but its cashback offers can’t be combined with the no-interest loan. The last player on the field is Volkswagen with interest-free financing for six years on nearly every model, and deferred first payments for 120 days.
How long will these deals last? That’s unclear at this point, but the current offerings should extend at least through the end of June. Automakers in the U.S. market are fond of pushing special promotions for the July 4 holiday, so it's also possible these zero-percent deals could reach into the first week of July.