How to Get a Car Loan with No Money Down
by DeMeko Scott
One of the things that many people hate dealing with when they finally decide to purchase a cheap vehicle are the existing down payments on car loans. That is usually why so many people try to get around paying them, but this not always as easy as people think.
In most cases to get away with getting a car loan with no money down on an automobile loan you need to at least need to have another vehicle to trade in. By having that in place a dealer can then use the funds from your trade-in and apply them to your down payment. But what if your trade-in doesn't cover the entire payment? This is when the salesperson at your local car dealership can get in contact with the lender and possibly work out some sort of deal they can still get you financing.
For those of you without a car to trade-in you will want to check the current condition of your credit as it will have a serious impact on your chance of getting an auto loan with no money down. If you're a consumer with an above average credit score there normally is nothing to worry about as dealers tend to have programs set up exclusively for you. However, for those of you with a less than perfect credit history the process become more difficult and circumstantial.
It is important that if you have bad credit that you seek out a dealership, lender, or website that specializes in offering you the assistance you need. There are hundreds of these institutes that exist and can help you easily qualify for a car loan if you take time to seek them out. You may be subjugated to more rigorous interest rates and monthly payments in exchange, but if you are willing to make that sacrifice you can earn auto financing without a down payment.
