Everyone out there seems to have a 0% financing incentive to get us to purchase their cars, I was wondering if the Ford parent company is offering any such incentive on the RX-8?

It would be a good way to get younger buyers into the Mazda/rotary fold.

How'boutit Ford?

The only problem with 0% financing is that 1) it's almost impossible to get, unless your credit score is immaculate(and just because of their age, most younger buyers won't get this just because they don't have much of a credit history), and 2)it's usually only offered on certain cars. The really popular ones are only offered with the low financing on rare occasions, and usually for 36-48 month terms.


It would be a great incentive, if we could just convince them to offer it.

Well, I don't think they will do a 0% on the RX-8, I can't think of a single company that offers it on their flagship model, simply because they don't have to. The reason they do this is to sell more cars, but I don't htink they will sell any more RX-8's by offering the 0%. I for one am going to buy the car, regardless of what interest rate I get. I do have VERY good credit, so I will still be able to get a low rate (around 4 percent is what I've been finding). It just doesn't give ford any extra profits by offering it on this car. Now, I know at least the dealers up here in the NW are offering 0% on the Protege and I believe even the 6, because those cars would probably be able to swing a few more buyers by the rate alone. The 8 however, will sell to the people who want one, and not to the people who don't. Just the way it is.

Based on the fact that no employee discount is offered on the car, I think it's safe to say 0% is going to be out of reach. At least for a time.

I'm already approved at my credit union, at 5.99%. Not too bad.

Now what you really want to do is pay for this car from home equity. That way you dont have to deal with any financing company. Also, any interest that you pay is tax deductable.

Let's say that things suddenly get tight with money. Worst case scenario with home equity is that you write yourself a check for your monthly payment and then use that money to make the payment. Sounds odd but it's failsafe.

This is what I'm planning on doing in a couple of years.

~Jim

Elara, what Fico score do you need for 0% financing, and what rates can you expect at a given score? Can you give us an idea?
750? 775?

Boarders, you can get your credit score at www.myfico.com. It will help keep the F&I manager honest!

I think the numbers are something like this:

500 scary!
600 higher risk
700 is average and considered good (I think)
800 is perfect

Originally posted by DonG35Miata
Elara, what Fico score do you need for 0% financing, and what rates can you expect at a given score? Can you give us an idea?
750? 775?

Boarders, you can get your credit score at www.myfico.com. It will help keep the F&I manager honest!

I think the numbers are something like this:

500 scary!
600 higher risk
700 is average and considered good (I think)
800 is perfect

Well, I don't know about those numbers, but my wife does mortgages for a living. Mortgage scores go as followes:

500 - Your right, scary!
600 - Anywhere in the 600's is about average
700 - 700 and above is considered a GOOD credit risk.
720 - The magical score; anything above 720 and they don't even verify you income!!
800 - Godly score. Walk into a dealership with anything 800 and above and they will let you test drive the car for 3 days.

When I purchased my house last year, my score was over 800. The mortgage consultant couldn't believe it. She said that in the past 10 years, she'd never seen one that high. :)

hmm.. only 715.. :( I need to get older, real quick.. hehe... I haven't had any accounts long enough.. (like 5 years)... oh well, as long as I can still get my 8!

hmm.. only 715... oh well, as long as I can still get my 8!

As long as you have income to cover the payment, you will. A car is a secured loan and much easier to qualify for than other types of credit. With 715 you should be fine. My Infiniti dealer said anything over 700 was automatically approved with them.

Is there a way to get your number for free? All I see is having to pay for the report.

Originally posted by DonG35Miata


As long as you have income to cover the payment, you will. A car is a secured loan and much easier to qualify for than other types of credit. With 715 you should be fine. My Infiniti dealer said anything over 700 was automatically approved with them.

Oh I know, in fact I've never been turned down for anything, I was just spouting random BS.. ;)

I work for a VW/Audi/Porsche dealership and I can tell you anything 700 and over they will "spot" you the car. Which means they will let you take the car without your paperwork being approved by the bank. 680+ and you should be more then fine for getting an RX-8 as long as your income justifies it. It is a very good idea to keep an eye on your credit score and make an effort to raise it when possible, it will qualify you for better rates in the long term and doesn't require a great deal of work to raise it.

Originally posted by DonG35Miata
Elara, what Fico score do you need for 0% financing, and what rates can you expect at a given score? Can you give us an idea?
750? 775?

Boarders, you can get your credit score at www.myfico.com. It will help keep the F&I manager honest!

I think the numbers are something like this:

500 scary!
600 higher risk
700 is average and considered good (I think)
800 is perfect

I'm not sure what the limits are on the 0% financing, but I'd guess you need at least a 750 fico score or above. I know that the company I work for, at least, very rarely gives anyone one of those .9% or 0% financing deals. It's kind of an automotive industry joke that they can offer those deals because no one ever qualifies for them. And in the past couple months it's gotten even tougher to get them, because the amount of defaults on every type of loan is on the rise (very slightly, but it's there and affecting things).

I'm not too worried about getting financing for the car, because I've got a preapproval for 4.99% with my credit union good for the next two months that they offered me without me even asking. If they'll give me that without my asking or including my husband's credit score (which is better than mine), I'm pretty sure they'll still offer it to me in three months when I've got even less debt and my husband cosigning with me. And if Mazda will beat that, all the better.

I am preapproved with my credit union also. Did it Monday, March 10. I am going by what my dealer is telling me: April delivery. I am hoping "those in the know" do not know what these "April" dealers know.:)

I can assure you dealerships will not have the car in April. Late May at the absolute earliest. As far as 0% financing there isn't the smallest chance in hell of Mazda offering it on the Rx8. Manufactuers only put 0% financing on cars they have trouble selling. Obviously the Rx8 isn't going to be one of those. The best rate we have with mazda american credit on the Mazda 6 right now is 3.9%. Even though there isn't going to be 0% available make sure you see what kind of interest rate your dealer can get you before you sign up with your credit union. We have a bank we use that is giving us 3.49% right now. So before you hook up with your credit union at 5.99% make sure your dealership isn't willing to beat that. On the topic of credit scores, dealerships use whats called a beacon score. I'm assuming it's similair to the fico score, but that isnt' the only thing banks look at when determining interest rates. We have had people come in with 620 beacons, that we have gotten approved for 0% financing, it just depends on that individuals circomstances. Of course if your beacon is 700+ most banks will give you an automatic approval regardless of your circumstances.