Mellody's Math: Zero-Percent Financing

Another place where zero percent-financing deals are making a strong play are at car dealerships across the country. The main catch is that to qualify you have to have excellent credit and be able to handle the larger monthly payment (most zero finance deals are only available for loans of three years or less). In fact, according to AAA, only about one-third of buyers who apply for zero percent financing actually qualify -- and only about 10 percent actually wind up taking the deal. Interest-free auto financing can be a good thing, but if you take the zero percent as a clue to skip the negotiation on the price of the car, the sweetened finance deal will quickly sour the purchase. The negotiation should start well before the dealership. It is an excellent idea to shop different banks and online before you go to the car lot to secure a finance deal.

Mellody Hobson, president of Ariel Capital Management (arielmutualfunds.com) in Chicago, is "Good Morning America's" personal finance expert. Ariel associates Matthew Yale and Aimee Daley contributed to this report.