How to get a car loan with no down payment

Getting a car loan with no down payment is the best option for a buyer who wants a new vehicle fast. This means getting a car without the need for prior payments. This kind of loan is ideal for individuals with bad credit.  However, looking for a car loan with no down payment is not that easy. It requires extensive and careful research to find one. It may also require some steps such as those written below.

1. Search for  lenders that offer this kind of loan

Look for lenders that offer car loan with no down payment requirements. Start searching by making contacts or visiting the leading lending institutions such as banks and credit unions in your area. Inquire about your target loans. You can also pre-qualify for such loans and get the quotes they offer. Make sure to take all these quotes down for comparison.

Widen your search by checking on some websites that accommodates online loan applications. Make sure to get the quotes they offer and include this on the list you have with the quotes from offline sources. Compare for all of these quotes and choose the best offer.

3. Prepare your proof of income

Before going on with your loan application, be sure to prepare the requirements especially the proof of income. It is also important to secure a copy of your credit record to allow lenders to easily assess the options that are suited for you. Bring all of the requirements with you during the loan application.

4. Negotiate a loan deal

Using all of the information you have from the prior research conducted, negotiate with lenders for better loan deals. Do not hesitate to make demands when necessary. You can also ask the lenders for other possible options. When other options are not available, push the loan with no down payment requirement through.

5. Consider trade in as an option

In case you have an old car, consider trade-in as an option to reduce the payment rates of the loan.

6. Look for a co-signer

This kind of loan most of the tine requires a co-signer. Look for a co-signer who is willing to share the financial obligations with you. It is advisable to request a relative or a close friend with good credit records and stable income as your co-signer.

Free Auto Credit Score

Know YOUR Auto Credit Score?

Free Credit Score

Auto Loans

Get Financed Regardless of your Credit