Of course, automakers are trying to create a “wow” factor, hoping that you will get off the recliner and schlep your old jalopy to the dealership before five paragraphs of fine print blip across your TV screen.

But if you’re a speed reader with super human vision, you’ll notice the devil is in the details as the fine prints contains many qualifiers that may take a lot of the wow out of the deal. (If you have the reading abilities of a mere mortal, you can catch the fine print of the promotional rate on-line or at the dealership.)

When looking at the offer, watch for several key phrases which may act as spoilers for the offer:

• Am I a well-qualified buyer? Only buyers with the highest of credit scores will be eligible for the zero percent offers It is estimated that only 15 percent of the buyers will qualify for the offer.
• How long will my low interest rate last? Just as credit cards offer “low teaser rates” for the first few months, the auto dealers’ rate could increase after a year or so. Make sure you know what the interest rate will be after the promotional rate expires.
• What is the length of the loan? In some cases these zero financing offers may require that you have to pay the loan off in three years instead of five. Make sure you can make the monthly payment. A $350 monthly payment with interest may be more affordable than a $500 payment with no interest.
• What offers am I passing up? The fine print may also say the zero financing is not valid with other offers. So if they are offering a cash-back dealer incentive, you will have to choose between to the two offers. To decide which is better, you will have to do some serious number crunching.
• How much am I financing? Say the dealer is offering its triple threat, zero financing, zero down and zero payments for a year. As good as it may feel to drive off the car lot without handing the dealer one thin dime, keep in mind that you are ultimately going to have to pay for the pleasure. When the interest and payments start coming due at the end of that year, you’ll be charged interest on the entire cost of the car. You may have been better off making a $1,000 down payment to avoid having that amount of interest charged.

Additionally, don’t get so distracted by the lure of zero financing offers that you forget to negotiate on the price of the car. Car buying experts suggest that you agree on the price of the car before you even discuss financing (or a trade-in for that matter). As discussed here earlier, it may also be a good idea to shop around for the best loan program before a you shop for a new car. If you are pre-approved for a loan by another bank or credit-union, you may not feel so beholden to the auto dealership’s financing offer or its fine print.

By David Plowman