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No Down Payment Car Loans
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Do you need a car, but have bad credit and are unable to
make a down payment?
Don't give up. In this article, we'll tell you how you can get
financed and approved for a car loan with no down payment - even
if you have no credit or bad credit.
One of the basic things that any lender - and car dealers are
no exception - look at when determining credit worthiness is the
ability for the prospective customer to pay back a loan. Therefore,
having a steady income-generating job is key. If you can show
a dealer proof of income with your paycheck stubs, you're off
to a great start.
Also, many lenders will look at your credit rating as a determining
factor in approving a car
loan. If you have bad credit, now's the time to start fixing
that. Start by making sure that you pay your bills on time. If
you have any outstanding debts, or have collection agencies after
you, make sure to contact them to work out some payment arrangements.
The sooner that you begin directly addressing these issues, the
sooner your credit rating will improve.
One way to begin re-establishing (or if you have no credit, then
establishing) credit is to get a secured credit card. These are
very easy to get, since your credit limit is determined by a prepaid
deposit that you make, and as long as you make timely monthly
payments to the credit card company (and make sure that the credit
card company reports all of your activity to all three major credit
agencies), then in a matter of short months, you'll begin to get
on the right credit track. If you don't have a lot of disposal
income, then our suggestion to you is to limit purchases made
of the secured credit card, but to at least make sure to make
your minimum monthly payments on the card in a timely fashion.
In addition to helping establish a good credit rating - which
will work for you in the future - the above steps will help you
build a payment history, which is one of the most important things
that a car
dealer or financial institutions looks for when approving
loans.
So, now that you've taken the necessary steps as outlined above
to begin improving your credit rating and establish payment history,
you can start looking for lenders and / or dealers
that can get you behind a used car or a new car with a no down
payment car loan.
One useful tip that we'd recommend before visiting any car dealer
is to first have a copy of your recent credit report already in
hand. When you visit land-based car dealers, explain that you
can't make a down payment, show the car salesman, salesgirl or
financing rep your credit report printout and ask them if they'll
work with you. Explain that you don't want them to run your credit
report unless absolutely necessary. You may want to consider calling
car dealerships before you make it out to them first.
Another great place to find sub prime lenders that will work
with you in getting approved for car loans without a down payment
is online. Make sure to review any loan offers carefully, in order
to choose the best one for you.
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