SANTA MONICA, Calif. — Edmunds.com recently discovered that new-vehicle contracts which included zero-percent financing reached a new industry high during March.

Site analysts found that more than 22 percent of financed new vehicles were purchased with zero-percent finance deals this past month. Last March, they indicated the total was just 13 percent.

Edmunds.com mentioned that the previous high for these types of sales contracts was 21 percent back in July 2006.

The site also determined that Toyota was one of the primary causes for this financing trend. Edmunds.com calculated that 71 percent of new Toyotas that were financed in March had zero-percent APR. Officials noticed that figure was nearly twice as high as the previous Toyota record, which was a mark of 39 percent set in August of last year.

Following Toyota, analysts found that the automakers with the next two highest percentages of zero-percent APR transactions last month were Mazda (58 percent) and Mercury (32 percent).

"Credit must be starting to loosen if almost a quarter of all transactions financed in March were approved for zero-percent financing," explained Jessica Caldwell, senior analyst for Edmunds.com.

"Certainly it seems as if Toyota Motor Credit and other captive finance companies may have lowered standards to help improve sales," Caldwell continued.

Edmunds.com also pointed out that in part because of low-interest financing deals on new vehicles, more than 100 new vehicles currently cost less than their one-year-old used counterparts. The site offered a complete list of these units online at http://www.edmunds.com/industry-car-news/new-vs-used-car-buying.html.

"Many car shoppers don't realize that they have to qualify for special financing deals," noted Edmunds.com senior consumer advice editor Philip Reed.

"Shoppers should always check their credit score and secure financing from a bank or credit union before setting foot in the dealership so that they have a backup plan if they get declined when seeking the special deals," Reed went on to say.

Edmunds.com reiterated that it tracks zero-percent finance offerings and other regional and national incentives and rebates at http://www.edmunds.com/incentives/RebateController?step=0.