No Money Down Auto Financing ? Easy, for those with good credit, but also available for those whose credit is poor.
For those with good credit, no money down car loans are readily available through most of the traditional sources. That means banks, credit unions and the finance arms of most manufacturers will make no money down car loans that carry both attractive rates and terms. If your credit score is classified as poor or bad, the process can be somewhat more difficult, but by no means impossible! No money down auto loans are sought after by people who have little extra cash but need transportation.
What are the requirements for a no money down car loan for bad credit?
Let's begin that answer by asking you the following questions:
- Do you have a trade in? Is it paid off or do you still owe on it?
- Do you know someone with good credit who would be willing to co-sign the auto loan with you?
- Is your poor credit score from events in the past, or are you still unable to meet your obligations?
Get a No Money Down Car Loan
A trade in that is fully paid for can act as your down payment even if you have no available cash to add to the transaction. Though a car that you still owe on can be accepted as a trade-in, many lenders will be unwilling to lend money for the purchase with this kind of arrangement. Their concern is that the total loan with the pay out to clear the old loan, will result in the buyer being "upside down" before the car ever leaves the lot. "Upside down" is car dealer parlance means owing more than the car is worth. Should the buyer be unable to pay, the repossessed vehicle would not have enough value to pay off the loan.
If you have a willing co-signer with good credit, a bad credit no money down car loan should also be easier to obtain. Co-signer's with good credit are not that easy to find however, and this route may not be open to you.
With many people suffering credit damage since the recession and its slow recovery, an improving credit score even if poor may convince a lender to consider car loans with no money down. It is possible to obtain your credit report once a year for no charge and if you have not, you should do so as it is a valuable tool when searching for no money down car deals. Once you have obtained a copy, check it carefully to make sure there are no errors. If you find some, contact the credit bureau and start the correction process. Small open accounts can be a hindrance, pay them off and get them closed as soon as possible.
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