Thinking about taking the plunge and buying a new car? Everyone wants to make sure they’re getting the best deal. But sometimes, the zero percent financing or low rate deals being offered by dealers aren’t necessarily going to save you money. Beware of hidden fees and other “fine print. ”Here are some things you may not know of these seemingly “unbeatable” finance deals:

• 0% or low rate dealer financing is offered to “qualified” borrowers. According to a Consumer Task Force for Automotive Issues survey, fewer than 10% of those who apply actually qualify for this rate. The other 90% get moved up to a higher rate.
• 0% or low rate dealer financing is only offered on shorter term loans, usually up to 36 months, making monthly payments much higher than the 48 or 60 month loan, available here at U.P. Connection.
• A recent Dateline NBC report uncovered tricks car dealers use that make consumers pay more than they have to. The report is summarized on the Dateline NBC website and includes what you as a consumer should watch out for when arranging dealer financing. The report also showed situations where zero percent dealer financing was not necessarily the best deal and even included one as an example where the car buyer received a better deal at the credit union than with the 0% financing at the dealer. Check out the “Ten Top Tips for Car Buyers” offered on the Dateline NBC site.

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