I have a low down payment; can
my LDP be enough to get me my next car loan?
Approved for Your Low Down Payment Car Loan before You Walk into
the Car Dealership / Apply
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Credit Car Loan Help
If you're in the market for a car, and want to get
a car loan but you have bad or no credit, don't give up hope.
In particular, if you have a bit of money saved up to use as a
down payment, then this article - which centers on low down payment
car loans - is for you.
Below, we'll discuss some of your options to consider that will
help you get into a car. Even if you've filed for bankruptcy,
there are still options available to you.
Right out of the gate, we'd like to advice those that have particularly
damaged credit that they might have better luck getting approved
faster for a loan on used cars, rather than on new cars. We're
not saying you won't be approved for a new car loan, just that
the process for approval on a used car will generally be easier
and faster. And there are many car manufactures out there that
have a reputation of reliability: finding a quality used Toyota,
Nissan or Ford won't be a problem.
Back on the subject of your down payment. If you're concerned
that your low down payment won't be enough to get approved for
a car loan, don't. The fact is, there are many lenders out there
- particularly on the internet - that will approve your car loan
without a down payment at all. However, know that having any degree
of a down payment will improve your chances of getting approved,
since you'll be building equity against the vehicle.
As well, you can find many used car dealerships across the four
corners of the country - from Florida, Michigan, Georgia, North
Carolina, South Carolina, Texas, and others) that will be more
than happy if you walked in with any level of a down payment.
Trust us, a down payment, no matter the amount, will only work
for you, not against you.
Major Midwest cities, like Cincinnati, Pittsburgh, and Kansas
City are known for having a number of quality and reputable used
car dealerships. Even less traveled cities, like Huntsville and
Springfield will probably have what you're looking for.
If you do decide to visit a used car dealership, ask whether they
require a down payment, and if there's a set minimum. If there
is, and it exceeds what you have, tell them that to see if they'll
be flexible at all. If they are willing to cut you some slack,
ask some other pertinent questions.
Remember to be prepared before you visit dealerships:
know the kind of cars you're considering, what their invoice prices
are, and how much you're able to pay as a monthly payment (and
don't forget to include the cost of mandatory auto insurance,
which you have to include in your equation.)
If a dealership's financing department lets you know what kind
of monthly payment you can expect, ask him or her to break it
down for you. How much of that monthly is applied to your principal
loan amount? How much is interest? How about other financing fees?
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For Your Low Down Payment Car Loan