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Buying a pickup truck: How to choose Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering interactive tools and financial calculators that provide original and objective content. We also allow users to conduct research and analyze information for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The products that appear on this site are from companies who pay us. This compensation can affect the way and where products appear on the site, such as, for example, the order in which they appear within the listing categories in the event that they are not permitted by law for our mortgage and home equity products, as well as other products for home loans. However, this compensation will have no impact on the information we provide, or the reviews that you read on this site. We do not contain the vast array of companies or financial offerings that could be accessible to you. AleksandarNakic/Getty Images

4 min read Published 20th April, 2022

Written by Kellye Guinan. Written personal and Business Finance writer Kellye Guinan is a freelance editor and writer with more than five years’ experience in personal financial planning. She is also a full-time worker at her local library, where she assists people in her community gain access to information on financial literacy, in addition to other topics. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping their readers feel confident to manage their finances through providing concise, well-researched and precise information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate promise

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Bankrate follows a strict , so you can trust that we put your interests first. Our award-winning editors and journalists create honest and accurate content to assist you in making the right financial choices. Our main principles are that we appreciate your trust. Our mission is to provide our readers with reliable and honest information. We have standards for editorial content in place to ensure that occurs. Our reporters and editors rigorously verify the truthfulness of content in order to make sure the information you’re receiving is correct. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive any direct payment from our advertisers. Editorial Independence Bankrate’s editorial team writes on behalf of YOU – the reader. Our aim is to provide you the best advice to help you make smart personal finance decisions. We adhere to strict guidelines in order to make sure that the content we publish is not in any way influenced by advertising. Our editorial team is not paid directly from advertisers, and our content is thoroughly fact-checked to ensure accuracy. Therefore, whether you’re reading an article or a review it is safe to know that you’re receiving reliable and reliable information. What we do to earn money

There are money-related questions. Bankrate can help. Our experts have helped you understand your finances for more than four years. We strive to continuously provide consumers with the expert advice and tools required to be successful throughout their financial journey. Bankrate follows a strict policy, which means you can be confident that our content is honest and precise. Our award-winning editors and journalists create honest and accurate information to assist you in making the best financial decisions. The content we create by our editorial team is factual, objective and is not influenced by our advertisers. We’re transparent about how we are capable of bringing high-quality content, competitive rates, and useful tools for our customers by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods and services or through you clicking specific links on our site. This compensation could impact how, where and when products appear within listing categories, unless the law prohibits it for our mortgage home equity, mortgage and other home lending products. Other factors, like our own rules for our website and whether or not a product is offered in the area you reside in or is within your own personal credit score may also influence how and when products appear on this website. While we strive to provide a wide range offers, Bankrate does not include specific information on each credit or financial item or product. Trucks are complex. There are a myriad of options, and the type and strength you need depends on how you plan to use yours. Familiarize yourself with basic features like powertrains axles, cab dimensions, and towing capacity prior to . Selecting a pickup is going to take research however, preparation can result in a well-informed decision that will suit your needs and finances. What power do you require? A truck with more power, towing capacity and torque will cost more. It’s not just about cost obviously, but you must consider whether you actually need an extremely powerful engine before spending thousands of dollars on it. A diesel engine that has greater power could also be costly. A V6 or V8 engine are the most common and have more power, but there are four-cylinder engines that can be used for lighter weights. If you’re planning to haul the most weight to buy groceries, think about an engine that is smaller and has an auto gas engine with good fuel efficiency. The less power you use will be more beneficial for you and your budget. What is the amount you’re hauling? A mid-sized truck is the ideal choice if intend to haul trailers or big boats. They’re more affordable and have better quality driving over their larger counterparts. Midsize trucks are suited for lighter loads and are not suited for towing. Due to their weight reduction, you’ll also pay lesser for gas. This means that if you’ve things to haul, opt for a large-sized truck. There are light-duty and heavy-duty alternatives for nearly all full-size models available. Naturally, trucks designed for light-duty use will haul smaller, but once again, they offer more fuel efficiency due to their smaller weights. And remember: Towing capacities and the payload capability are two different things. Towing is the amount your truck can carry behind it. Payload is the amount that it can handle in the bed. Even if you’re not planning to mount a strong-duty horse trailer onto the back of your vehicle, you should make sure that its payload is sufficient for the requirements of your. Do you need four or two-wheel drive? A vehicle with two wheels is less costly and will offer . You’ll have the option of choosing either front- or rear-wheel drive. Whichever you choose is the best choice to be used on roads. A truck with four-wheel drive is more for driving off the road and slippery, icy conditions like at a boat ramp. You get better performance, however, it won’t be as fuel efficient. What kind of space in the cab do you require? Cab space is likely to be one of the most important factors for casual truck drivers. For the majority of drivers people, a crew cab is going to be the best choice even if it does require more expense. Single Cab single cabs are the most classic style of two-door. They usually only accommodate three people, but they often have longer beds. Extended cabs: Extended cabs basically are the equivalent of a cab and half. They have two doors and limited leg room in the rear seat, but it’s a good compromise between the one-cab and the crew cab options. Crew cab: The crew cab is the one with four doors that resembles the SUV or sedan. The capacity of a cabin varies depending on the model and trim however they’re the ideal choice for those who have passengers in the back seat regularly. Options for fuel You’re not limited to just gas or diesel. Companies such as Ford are committing to providing more options in the future. But these are still relatively new choices and may restrict your towing or payload capacity. Between gas and diesel Diesel engines are more efficient in terms of fuel consumption. They also offer more power for trucks in operation. However, they’re more expensive to buy and fuel. For people who don’t drive often an engine powered by gas could be the best choice. They offer more versatility and are less expensive than electric or diesel engines. They are more likely to be found on them on the. Long or short bed? You will find that the longer your bed, the smaller the taxicab. So, if a crew cab is necessary, you will likely be stuck with a shorter bed. And if you need that larger bed, you might have to settle for an extended or single cab. What you need to consider is the frequency at which you’ll put things into the bed. If the truck is used mostly for show -it’s fine with it — a smaller bed will be easier to park and maneuver. It’s also likely to be more than enough space when you do need to transport something bigger. New or used? New trucks offer you the opportunity to be certain about every aspect of your ride inside and out. This is certainly an investment- new trucks are expensive however, If you’ve got a specific design, technology or other features in mind, new is the way to choose. Conversely, a used truck is a cheaper option. You might not be able to get the exact truck that you desire, but you will be able to avoid the depreciation. If you’re looking for something practical you can find older models on the market that are affordable and durable. It all depends on your needs and budget. A brand new vehicle will be expensive but could be more fuel efficient or have more technology. A used truck may be less efficient in fuel however, the lower cost could mean it is cheaper to drive. Manual or automated? It’s a personal choice. There’s no huge difference as far as price between these two options, however some trucks may come standard with one or both. For urban or suburban motorists, automatic provides the most comfortable to drive. However, if you require more control while off-roading, manual transmission might suit you better. Next steps Once you have thought about the major aspects of owning a truck, look into the the actual models and models. It will provide you with a clear idea of the cost you’ll be considering. And when you know this, you’ll be able book a cab at a reasonable interest rate.

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Written by Business and personal finance writer Kellye Guinan is a freelance editor and writer with over five years of experience in personal finance. She is also an employee full-time at her local library where she helps her community access information about financial literacy, as well as other subjects. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to control their finances with clear, well-researched information that breaks down complicated topics into digestible pieces.

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Car deals with 0% APR are they worth it? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive tools and financial calculators that provide objective and original content. This allows users to conduct studies and compare data at no cost – so that you can make sound financial decisions. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are advertised on this site are from companies that pay us. This compensation could affect how and where products appear on the site, such as such things as the sequence in which they appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity and other home lending products. This compensation, however, does have no impact on the information we publish, or the reviews that you see on this site. We do not cover the universe of companies or financial offerings that could be accessible to you. @VeraNovember/Twenty20

6 minutes read. The publication was published on March 02, 2023.

Writer: Michelle Black Michelle Black Written by Contributing writer Michelle Lambright Black is a credit expert with over 19 years’ experience. She’s an independent writer, and an accredited credit expert witness. In addition to writing for Bankrate, Michelle’s work is published in numerous publications, including FICO, Experian, Forbes, U.S. News & World Report and Reader’s Digest, among others. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain confidence to manage their finances through providing concise, well-researched and accurate information that breaks down complex issues into digestible chunks. The Bankrate promises

More information

At Bankrate we are committed to helping you make smarter financial decisions. While we adhere to strict ethical standards ,

This post could contain some references to products offered by our partners. Here’s how we earn money . The Bankrate promise

Established in 1976, Bankrate has a long track record of helping people make wise financial decisions.

We’ve maintained our reputation for over four decades by making financial decisions easy to understand

process, and giving people confidence in which actions to follow next. process that is a strict ,

You can rest assured that we’re putting your interests first. All of our content was written with and edited

We make sure that everything we publish will ensure that our content is reliable, honest and reliable. The loans reporter and editor are focused on the points consumers care about most — the different types of lending options and the most competitive rates, the most reliable lenders, the best ways to pay off debt , and many more. So you’re able to be confident about investing your money. Integrity of the editing

Bankrate follows a strict and rigorous policy, so you can rest assured that we’re putting your interests first. Our award-winning editors and journalists produce honest and reliable content to aid you in making the best financial choices. Our main principles are that we appreciate your trust. Our goal is to provide our readers with accurate and unbiased information. We have established editorial standards to ensure that happens. Our reporters and editors rigorously verify the truthfulness of content in order to make sure that the information you’re reading is accurate. We keep a barrier between advertisers as well as our editorial staff. Our editorial team doesn’t receive compensation directly through our sponsors. Editorial Independence Bankrate’s team of editors writes for YOU as the reader. Our aim is to provide you the best advice to assist you in making smart personal finance decisions. We adhere to strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial staff receives no any compensation directly from advertisers and all of our content is fact-checked to ensure accuracy. Therefore when you read an article or a report it is safe to know that you’re getting credible and dependable information. How we earn money

If you have questions about money. Bankrate can help. Our experts have been helping you manage your money for over four decades. We are constantly striving to provide our readers with the professional advice and tools needed to be successful throughout their financial journey. Bankrate adheres to strict standards , so you can trust that our content is truthful and accurate. Our award-winning editors and journalists produce honest and reliable content to help you make the best financial decisions. Our content produced by our editorial staff is factual, accurate and uninfluenced from our advertising. We’re transparent regarding how we’re able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products or services, or when you click on specific links on our site. This compensation could affect the way, location and in what order products appear within listing categories, unless prohibited by law for our mortgage and home equity products, as well as other home loan products. Other factors, such as our own rules for our website and whether the product is available within your area or at your own personal credit score could also affect the way and place products are listed on this site. Although we try to offer an array of offers, Bankrate does not include information about each credit or financial product or service. With the monthly average cost for new cars exceeding $700 and averaging around $525, according to data for the quarter ending in the last quarter of 2022, finding an affordable deal is at the top of mind. And signing off on an APR of 0 percent on your vehicle deal is a great option to save on your next purchase. Many automakers offer interest-free auto loans to draw new, well-qualified customers and sell more cars. However, when shopping for a new vehicle you must always exercise caution, even if the option of a zero-interest rate is on the table. In certain instances, taking an automobile loan from a lender could be more beneficial over the long term. Are 0% APR deals worth it?

It is worth the cost if you can save money on your monthly payments. But you need an excellent credit score to qualify. Keep both its cost-effectiveness and the eligibility of your car when taking a test drive.

What is 0% APR? A 0 percent APR or simply means that you take out a loan for no cost. The monthly installments you pay back the lender for the money it paid the auto dealer, however no additional cash from your pockets goes directly into your loan’s bank account. This differs from the usual approach, where the lender charges to finance. Fees and interest, after all, are the main ways that lenders earn money. Here’s an example of the difference in monthly expenses that a zero percent APR might bring in compared to a more standard APR. Average rate

0% APR

Amount financed

$27,564

$27,564

The term “loan”

60 months

60 months

APR

5.47%

0%

Monthly payment

$478

$418

Total cost

$28,704

$25,064

How does 0% APR work? Financing a car interest-free almost sounds too amazing to be true. However, these financing offers are a method that manufacturers of automobiles can utilize to increase sales of their vehicles. Lenders that offer 0 percent financing are called captive finance companies , and are linked to . Examples of lenders that are captive include Ford Motor Credit, GM Financial, Nissan Finance, Toyota Financial Services and more. If Ford is looking to increase sales of its F-150s because of concerns about overstock, it may provide zero-interest loans to select borrowers through its own financing division. No-interest financing seems more reasonable on the surface, but it’s not always the situation. If automakers offer zero percent financing, they could try to make up for “lost” earnings in different ways. For instance, a dealer may push hard to sell you , like or , with your vehicle. Also, you may have to give up benefits such as rebates, which normally lower the purchase cost. How do you qualify for a 0% APR car deal? Zero percent financing offers are typically reserved for those who have excellent credit ratings usually referred to as a credit score of 800 and above. You should do this prior to when you make any purchases for auto financing. Every lender also has their own definition of excellent credit and its qualification requirements can differ from one vehicle to the next vehicle. Because zero APR requirements for qualifying vary in a wide range it is best to call the auto dealership prior to the time. Ask what criteria you need to satisfy to be eligible for interest-free financing on a specific automobile. In addition to your credit score, an auto lender may consider additional factors in evaluating your application, for example: . Employment history. Income and address verification. Regardless of the condition of your credit score -good, bad, fair or excellent , you must seek out to seek out financing from other sources, too. Preapproval will help you evaluate the options available and provide an alternative plan in case you don’t qualify for the automaker’s exclusive offer. Limits of zero-interest financing might be a great deal for some borrowers. Still, there are a few potential traps to be aware of when you are contemplating this type of finance. Limited selection: Interest-free financing is only available for certain kinds of vehicles. The first thing to consider is that the vehicle you buy will most likely need to be . Manufacturers of automobiles also offer special financing deals for models of vehicles when there’s a surplus in stock that needs to be cleared. Limits on repayment options depending on the offer the repayment options for zero percent financing might be limited. Most of the time you’ll be given less time to pay off the loan than you would have otherwise. There’s nothing wrong with paying back a loan quickly however, you must ensure that you can manage the greater monthly payments without straining your budget. A 0% loan is different from. bonus cash . Automakers would like you to buy your next car from their company and not from a rival. This is the primary reason 0 percent financing offers exist at all. To attract new customers, car manufacturers frequently offer buyers. Sadly, an auto manufacturer might not let you take advantage of both zero percent financing as well as bonus cash. If you’re in this situation, you’ll need choose which savings option is . Bankrate tip

Using an is a way to evaluate zero percent financing with bonus cash incentives. Sometimes, taking cash rebates offered by a dealer along with an increased loan APR yields better savings overall. In other cases, 0 percent financing might be the best option.

Should you take the cash and then refinance later? It could be necessary to take regular financing from an automaker’s private lender to qualify for certain cash incentives. In the event of a loan, it’s possible that you’ll get a better interest rate than you might with your bank or an external lender. In the case of your particular situation, your new auto loan in the next few months may be an effective strategy. However, there are a few disadvantages to think about first. Namely that making two loans reverse-to-back both the original one as well as the refinance by — could damage your credit rating for a while. A combination of loans can have at least two negative marks reports on your credit. In addition, adding the two loans on your credit report regardless of whether one is paid on the other could lower the average age of accounts in your credit records. In terms of credit scoring the more advanced the average account is, the better. Key takeaway

Cash incentives may reduce the amount you must borrow — but refinancing later to repay it could affect your credit score and cause it to suffer a temporary drop.

When is an APR rate of 0% really worth your time? It might make sense to skip special manufacturer financing offers in the following circumstances. The terms for repayment aren’t in line with your budget. Low-interest auto loans typically come with shorter finance terms. In the case of your income, it could make your monthly payment unaffordable. For instance, if a 0 percent car loan lasts 4 years and you normally finance for five years, the cost differs and can be significant. Average rate

0% APR

The amount to be financed

$25,000

$25,000

A loan term

5 years

4 years old

APR

4%

0%

Monthly payment

$460

$520

It is evident that for a $25,000 car loan through manufacturers for four years, the monthly payment is approximately $520. A $25,000 car loan with a five-year repayment at a 4 percent interest rate would require a monthly payment of $460. It is possible to utilize an online auto loan calculator to do the maths for your possible loan. Experts in finance often suggest keeping your monthly vehicle cost to 20% or less of your take-home income per month. Some experts recommend you should be paying 10 percent of your gross income. You’re tempted to purchase a more expensive vehicle You should not increase your car budget in order to get a loan. If you’re planning to buy a car for $10,000 in cash a , taking on an auto loan with a $30,000 price tag just to take advantage of no-interest financing is probably not the best financial choice. Cash rebates offer you greater savings. Cash-back rebates typically don’t apply to buyers who take advantage of the manufacturer’s financing. If you look at the numbers and find that cash rebates can provide you with a greater chance to save money, a zero percent financing deal wouldn’t be worth the cost. Imagine that you could take advantage of a $4,750 cash-back offer on a brand new car purchase. If you buy a brand new car with a $30,000 price tag the incentive could reduce the price of your purchase down to $25,250. If you financed $25,250 at the rate of 4 percent in five-year terms, you’d have to pay $2,651 in interest. In this case your total expense would be $27,901 — as long as you didn’t add additional items such as extended warranties or incur any other financing fees. Or, you can pay the full price of $30,000 and choose a zero percent APR. In the event that there are no additional items or charges, you’d have to pay an additional $2,099 in this scenario than you’d take out a cash rebate. Do’s and don’ts for APR-free deals If you review all options before deciding that a 0 percent APR auto loan is the best choice to make, the following tips and don’ts can help you navigate the process. Don’t

Don’t

the purchase price before you ask for the purchase price before you ask for the APR the purchase price before you ask for the 0 percent APR.

Take a short-term loan with a large monthly payment that you cannot pay for.

Get pre-approved for an auto loan before visiting the dealership.

Consider a longer-term loan to lower the monthly cost of your loan even if it costs you more overall.

Make sure you are able to manage the monthly payments.

Select 0% financing over a cash-back incentive without comparing the possible savings.

Check if the manufacturer has incentives for cash-back that you can mix with the financing special offer.

Do not make the down payment If you are able to afford it.

The main point to deciding if a 0 percent APR car deal is worth the price is to assess it with an automotive loan from an external lender and determine your actual monthly cost. Depending on your circumstance it may not truly save you money. There are a few circumstances where special financing might not be as effective as it appears, and qualifying often requires excellent credit. Check current and make sure you don’t have to pay interest if it will cost you more in the long run.

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Written by a contributing author Michelle Lambright Black is a credit expert with over 19 years experience, a freelance writer and a certified credit expert witness. Alongside writing for Bankrate, Michelle’s work is included in numerous publications such as FICO, Experian, Forbes, U.S. News & World Report and Reader’s Digest, among others. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping their readers feel confident to control their finances through providing concise, well-studied and well-researched content that breaks down otherwise complex topics into manageable bites.

Auto loans editor

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