Used Cars Bad Credit No Down Payment – Do you want to be approved to get a “0 down” car loan?
There are several ways to solve it even if you have bad credit. Getting a car loan without a down payment or “0 down” is very simple if you understand the reason why the dealer asks for a down payment and how to avoid having to have it. Too often people believe what financial managers and car dealers say, even though, if you only know a few key points, you can avoid all the hassles at once.
Why do many cars want a down payment?
Dealers use advances in general as a way to add extra profits to car sales. That’s why they are usually something flexible. A car salesperson can give you a $ 3,000 advance just to see how you react. They start you from a height and to see how much you can produce.
Used Cars Bad Credit No Down Payment
This is a game!
When I was at my first dealer, I was trained to “prime” customers for advances at the end of the test drive. The way I was trained to ask customers about advances was to say, “Customer, what do you think about making an initial investment? $ 3,000 or $ 4,000.00?” The reaction from customers is always sudden and they are careless about this question. What it does is “raise the standard” and after being asked about $ 3,000.00 or $ 4,000.00 down, it makes the idea of $ 1,000.00 or $ 2,000.00 seem much lower. That’s the only purpose to ask questions … It’s called “working customers for cash”.
The more advances that a car dealer can approve, the less money needs to be lent to the car, which means the dealer can make more money.
The reason they can make more money when you have a down payment is because the lender only allows the maximum amount to be lent to the car. If the dealer can maximize the amount to be lent by the PLUS lender, get an advance for you …
You just have it. Sad but true, but that’s how some car dealers still work today. This is the old way of schooling in business, but unfortunately, it works.
So, how can you get a “0 down” car loan when you have bad credit?
You have to remember that there are only two reasons why you will be asked to pay a down payment, even if you have very terrible credit. The first reason is that as illustrated above … the dealer wants to maximize profits from sales and try to convince you that you have to have a down payment. The second reason is that the dealer has too much money in the car and the lender will not advance the amount needed to match the selling price. Getting a good offer for a car is certainly very helpful.
Different lenders have different guidelines and there are good lenders who will advance the full amount needed for you to buy a good vehicle with bad credit. 0 down is common with the type of lender. There is a good online loan network that will allow you to find lenders who will approve you based on your individual credit history. This makes getting approval, and getting approval for 0 car financing is very easy. The best part is what you have to do is provide basic information and not have to go through a long credit interview process and everything in the comfort of the seat you are sitting in right now.
There are benefits to reducing money.
Advances are not bad. But they should not be part of the negotiation process of buying a car. Even when you have the down payment that you want to use to reduce the amount financed, which decreases your payment, you must always negotiate the selling price and interest rate based on a decrease of 0.
Never tell the car dealer that you have a down payment until after you approve the price of the car!
That’s CRITICAL to get good offers, regardless of credit. However, it will make it easier to qualify for a car loan to have at least your first payment amount to be included. It only shows good intentions in your intention to repay a loan.
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