Yes, zero percent and low interest car loans are for real, but unfortunately, they remain beyond the reach of most car buyers because of the many conditions attached to these loans.

The most important thing to do when researching a zero percent or low interest loan is to read the fine print, which is where all the conditions for these loans will be revealed

For example, only those car buyers with the very best credit ratings will qualify for zero percent and low interest car loans from an auto finance company. Some experts estimate that only buyers with a credit score topping 700 will qualify for a zero percent or low interest car loan.

But even if you have a sterling credit record, you then have to choose a vehicle that is part of the zero percent interest programs. Often auto manufacturers and dealers reserve these special financing programs for certain models. That can be a problem because your dream car may not be eligible for the zero percent or low interest loan.

Another issue to consider is that people who do find a car that is eligible for a zero percent or low interest loan often don’t negotiate on the price, meaning that they pay more for the car. Remember, a zero percent loan often equates to a $2,000 to $3,000 savings, a small percentage of the total cost of a car that costs over $20,000.

Another thing to remember when considering zero percent or low interest loans are that they often for only the first year or two of the loan. With other loans, the interest is merely deferred for the first year, then added in for the remaining years of the loan. All this will be spelled out in the fine print, so be sure to read everything in the auto finance company contract before signing.

Zero percent and low interest loans also have shorter terms — you won’t find a 72-month zero percent or low interest loan. A shorter term means a larger monthly payment, so be sure that that car payment fits into your monthly budget.

To qualify for a zero percent or low interest loan, you may be required to make a larger down payment than with other deals. That’s fine if you have the cash on hand.

When choosing a car, buyers are often attracted by rebates as well as zero percent or low interest financing. But in most cases, you can either have the rebate or the zero percent financing — you can’t have both. It makes sense to run the numbers with the representative from the auto finance company to see which the best choice for you to make is: Taking a rebate or taking the zero percent loan.

As you can see, zero percent or low interest loans are available, but it’s critical that you do your homework before making this deal.