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Buying a Car with Bad Credit and No Money Down

March 17, 2010 by  
Filed under Auto Credit Loan

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You want to buy a car and you have bad credit. You also don’t have money to put down on the car you are interested in purchasing. Maybe you have already tried purchasing a car and dealers have continuously turned you down because of your situation.
You feel hopeless thinking that you won’t get the car you want. Not too worry, there are a number of ways which you can get that car without a down payment coupled with bad credit.
Before you start running around again from dealer to dealer, there are certain things you need to know that can help you get the financing you need.
Firstly, dealers want your down payment because it helps as profit to the sale and also helps offset the loan a bit incase you default on your payment. They are also other reason dealers require down payment apart from the once listed. It would be a waste of your time to try and figure out the real reason they are after your down payment.
People believe because they have bad credit means that the only financing they can get is through a car dealership. That is a bit far from the truth. They feel because of their bad credit most banks won’t offer them a loan. This is a common misconception and such mistake can cause the individual thousands of dollars in money he/she could have saved.
Most car dealership never sell you the real value of the car. The prices on the car is always inflated. They do not just mark up the cars only but also the interest rate. When you go through a dealership for a vehicle loan, they submit your application to a loan lender, If your application comes back approved, they mark up the price of the interest rate and pocket the difference.
The hard fact is that going through a dealer for a vehicle loan can be costly. You can get a good vehicle loan from auto loan companies or your bank, Don’t feel that because you do not have a down payment coupled with bad credit means that you will not be given a loan.

You want to buy a car and you have bad credit. You also don’t have money to put down on the car you are interested in purchasing. Maybe you have already tried purchasing a car and dealers have continuously turned you down because of your situation.
You feel hopeless thinking that you won’t get the car you want. Not too worry, there are a number of ways which you can get that car without a down payment coupled with bad credit.
Before you start running around again from dealer to dealer, there are certain things you need to know that can help you get the financing you need.
Firstly, dealers want your down payment because it helps as profit to the sale and also helps offset the loan a bit incase you default on your payment. They are also other reason dealers require down payment apart from the once listed. It would be a waste of your time to try and figure out the real reason they are after your down payment.
People believe because they have bad credit means that the only financing they can get is through a car dealership. That is a bit far from the truth. They feel because of their bad credit most banks won’t offer them a loan. This is a common misconception and such mistake can cause the individual thousands of dollars in money he/she could have saved.
Most car dealership never sell you the real value of the car. The prices on the car is always inflated. They do not just mark up the cars only but also the interest rate. When you go through a dealership for a vehicle loan, they submit your application to a loan lender, If your application comes back approved, they mark up the price of the interest rate and pocket the difference.
The hard fact is that going through a dealer for a vehicle loan can be costly. You can get a good vehicle loan from auto loan companies or your bank, Don’t feel that because you do not have a down payment coupled with bad credit means that you will not be given a loan.

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