No money down car loans are suitable for some car buyers in some situations. We wouldn’t normally recommend them as a down payment can help in a multitude of ways. However, if you cannot save the money, it is possible to get a car loan with no down payment and bad credit?
You won’t find them offered by mainstream lenders though. You’ll need a car loan specialist. A specialist like Dixie Auto Loans.
Car Loans With No Down Payment And Bad Credit
A no money down loan is useful for those that need a car to get to work but cannot afford to save for the down payment. In this situation, a Burford bad credit car loan can be used for the whole amount of the car.
Down payments are a juggling act. Unless you have savings in the bank, you have to keep driving your old car while you save. All the time while paying maintenance on that old car. You have to time it right so you get your new car quickly but with sufficient down payment to get a lower rate.
That’s the juggling act.
Bad credit car loans in Burford
Bad credit car loans are specialist loans designed for those with less than perfect credit. After the crash of 2008, the financial industry realized that people were ending up in difficult situations through no fault of their own.
Rather than leave them high and dry, a new series of financial products were launched for those with bad credit. A bad credit car loan is just one of those products.
It’s a specialist loan where the lender looks beyond your credit score into how you live, whether you can afford the loan and can afford to comfortably make repayments.
These loans do charge higher interest rates to offset the extra perceived risk but they mean you can get a new car whenever you need one.
No money down car loans with bad credit
While you can get a no money down car loans with bad credit in Burford, you will have to work harder to qualify for one. Lenders like down payments because you’re putting your own money on the line.
They know that if you default on the loan, they can repossess the car and any down payment you made will help reduce their loss.
They aren’t mandatory though. Some bad credit car loan companies will not offer no money down car loans with bad credit. Some will.
We know quite a few lenders that will and the rates aren’t too bad either.
Dixie Auto Loans would always recommend using a down payment wherever possible but we can also appreciate that it won’t always be possible. For those times, you can finance a car loan with no down payment and bad credit in Burford.
For those of you who know that you have a challenging credit situation, please visit Dixie Auto Loans where we have a team of credit specialists ready to help you get approved for a car loan today!