Is It Possible to Get an Auto Loan With No Money Down?


Whenever you need an auto loan, you find a shortage of finances for down payment. This is discouraging for many auto loan customers. Fortunately - you do not need to worry because it is definitely possible that you can get an auto loan without a down payment.

Lenders consider a lot of variables before giving you an auto loan - the majority of these variables revolve around your fixed income, your credit history and your ability to pay - if you have a fixed income, and your credit is fair, lenders don't have any issues in giving you a zero down auto loan. However, you can expect a slightly higher interest rate than you would if you have low or no credit history, but it is still possible to get away with a $0 down payment car loan.

What if I Make a Minimal Down Payment to Buy the Car?


Well, we recommend that because it will not only lower your monthly payment, it will also ensure that the total cost of the vehicle is low. You can even buy a new car with no down payment. However, the rates and fees vary - depending on the credit and income of the individual. With a good credit you can get better rates but that does not mean that you cannot get a good interest rate with bad credit - again, it varies depending on the situation of the individual.
 
 

I have Boosted my Credit Report - Now What?


No problem, a boosted credit report means that you can get better rates and zero down payment without a less than ideal interest rate.

Here are some tips to further boost your credit report:

• Check the accuracy of your credit report
• Pay your bills on time
• Pay off revolving debt and keep those balances low

Lenders are happy to give a loan to people who have a stable income and/or have lived in one place for at least a year, fair credit record, which confirms that they pay their debts on time - that is important for lenders.

The bottom line

It is possible that you can get an auto loan with zero down payment. Your car dealer can evaluate your financial situation accurately - giving you an estimate on the interest rates with or without down payment. There are many options out there - getting an auto loan is not rocket science, fill out the form and get in touch with us today and find out what suits your financial situation.

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