While Interest rates remain high, automakers are offering a fleet of new models with financing at 1.99% or lessgettyAs per the latest Fed meeting, it doesn’t look like interest rates – including those for new-vehicle financing – will be coming down any time soon. Next to depreciation, car-loan interest is one of a motorist’s largest long-term ownership costs, with affordability being a key issue among potential new-vehicle buyers.Car-loan rates from many lenders I checked are currently being quoted at around 6.0%-to-7.0% for those having average credit scores, which on a $50,000 vehicle over a period of five years with $5,000 down can total $8,463, according the Bankrate.com calculator.But astute car shoppers can do much better. Automakers’ websites unearthed 27 model lines selling with discounted 0.0% financing for five- or six-year terms as incentives to help spur sales. Scoring a zero percent loan here would reduce the above-mentioned buyer’s loan payments by $141 per month. In addition, I found 45 more being offered with loans at .09%-1.99%, which can still keep a wad of cash in one’s coffers. Some of the best automaker-subsidized financing deals – all of which are listed below – further include deferred payments and/or bonus cash thrown in to help sweeten a deal.What’s A “Qualified Buyer?”But cut-rate new-car loans come with a catch, which for some unfortunate new-vehicle shoppers can be a whopper.That’s because the lowest financing rates, whether coming from a bank or an automaker’s financing division, are based on a given borrower’s creditworthiness. This is where the line “for qualified buyers” noted in new-car ads comes in to play.MORE FOR YOUApplicants having stellar credit scores (and sufficient income to cover the payments) get the best deals, including the aforementioned 0.0% promotions. Lenders consider applicants having lower credit scores to be riskier than those having top ratings, which means they’ll typically be charged higher financing rates.Lenders evaluate an applicant’s creditworthiness based in large part on his or her “FICO” score, which is created and curated by the Fair Issac Corp. FICO scores are largely based on a person’s payment history and outstanding loan/credit card balances, among other factors. They range from a rock bottom 300 to a maximum of 850. While standards can vary from one financing source to another, having a higher FICO score almost always means having a better chance of qualifying for a discounted interest rate.According to FICO, top-tier borrowers are those who have a score of 740 and above, which would almost certainly qualify them for the lowest available car-loan rates. Those rated at 690-739 are considered second-tier, which may or make them eligible for low-rate loans, depending on the institution. Those having lower scores will be asked to pay what could be a considerably higher percentage. Those suffering the lowest credit scores may be denied a loan altogether.One more thing: Automakers’ incentive programs often vary from one part of the country to another, usually to address local supply and demand factors. Shoppers should be sure to alternately consider taking a cash rebate if it’s especially rich, one doesn’t qualify for the promotional rate and/or extra cash is needed for a down payment. Check with automakers’ websites or local dealerships to check on what’s being offered locally.Best Cut-Rate New-Vehicle Financing Incentives For MayAt 0.0%:Chevrolet Silverado 1500 for up to 36 monthsChevrolet Equinox EV for up to 60 monthsChrysler Durango for up to 60 months plus no payments for 90 daysGenesis GV60 for up to 60 monthsHonda Prologue for up to 60 monthsHyundai Tucson for up to 60 months plus no payments for 90 daysHyundai Santa Fe for up to 60 months plus no payments for 90 daysHyundai Ioniq 5 for up to 72 months plus $3,000 cash back and no payments for 90 daysHyundai Ioniq 6 for up to 72 months plus no payments for 90 daysHyundai Ioniq 9 for up to 72 months plus $3,000 cash back and no payments for 90 daysInfiniti QX60 for up to 60 monthsInfiniti QX80 for up to 60 monthsJeep Gladiator for up to 36 months plus no payments for 90 daysJeep Grand Cherokee for up to 36 months plus no payments for 90 daysJeep Wagoneer S for up to 72 monthsJeep Wrangler for up to 36 months plus no payments for 90 daysMazda CX-70 Plug-In Hybrid for up to 72 monthsMazda CX-90 Plug-In Hybrid for up to 72 monthsMitsubishi Outlander / Outlander Plug-In Hybrid for up to 72 monthsNissan Frontier for up to 60 monthsNissan Murano for up to 60 monthsNissan Pathfinder for up to 60 monthsNissan Rogue for up to 60 monthsRam 2500 / 3500 for up to 36 monthsSubaru Solterra for up to 72 monthsSubaru Trailseeker for up to 72 monthsSubaru Uncharted for up to 72 monthsAt 0.49%Genesis GV80 for up to 48 months (1.49% for 60 months)At 0.9% - 0.99%:BMW iX for up to 60 monthsBMW i7 for up to 60 monthsBMW X7 for up to 60 monthsBMW 7 Series for up to 60 monthsCadillac Optiq for up to 72 monthsHyundai Tucson Hybrid / PHEV for up to 60 months plus no payments for 90 daysHyundai Santa Fe Hybrid for up to 60 months plus no payments for 90 daysHyundai Kona Electric for up to 48 months At 1.9% - 1.99%:BMW X1 for up to 60 monthsBMW X3 for up to 60 monthsBMW X5 for up to 60 monthsBMW 3 Series for up to 60 monthsChevrolet Blazer for up to 36 months plus no payments for 90 daysChrysler Pacifica for up to 48 months plus no payments for 90 daysFord F-150 Lightning for up to 84 monthsGenesis Electrified GV70 for up to 60 monthsGenesis GV70 for up to 48 months (2.99% for 60 months)GMC Acadia for X monthsJeep Compass for up to 72 monthsLexus RZ for up to 72 months plus $5,000 cash backMazda 3 for up to 60 monthsMazda CX-50 / Hybrid for up to 60 monthsMazda CX-70 Hybrid for up to 60 monthsMazda CX-90 Hybrid for up to 60 monthsMercedes-Benz CLA for up to 24 monthsMercedes-Benz CLC for up to 24 monthsMercedes-Benz GLA for up to 24 monthsMeredes-Benz GLB for up to 24 monthsMINI Cooper Convertible for up to 48 monthsMINI Cooper S ALL4 for up to 48 monthsSubaru Ascent for up to 36 monthsSubaru BRZ for up to 36 monthsSubaru Crosstrek for up to 36 monthsSubaru Forester for up to 36 monthsToyota bZ for up to 72 monthsToyota Prius Plug-In Hybrid for up to 72 monthsVolkswagen Atlas for up to 60 months plus $1,000 cash backVolkswagen Tiguan for up to 60 monthsVolvo EX30 for up to 60 monthsVolvo EX40 for up to 60 monthsVolvo V60 Cross Country for up to 60 monthsVolvo XC40 for up to 60 monthsVolvo XC60 for up to 60 monthsVolvo XC90 for up to 60 monthsSource: Automakers’ websites with zip code 60657 entered. Some promotional rates were not included because loan-length terms were not noted. See a local dealership for details and pre-qualification.