0 Down Car Finance
One of the most common questions consumers have when it comes to potentially getting a car loan is how much down payment do I need for this car? A down payment is one of the many variables within the equation of auto financing. People often think that down payment is a requirement rather than an option. Technically speaking, anyone can get a $0 down approval given all the other aspects of the deal are aligned. If you have good credit history, a down payment is not necessary or required from the lender. If you have less than ideal credit history, a down payment will be requested from the lender given that the vehicle exceeds affordability based you the client’s income and other monthly obligations.
If you want a $0 down approval when dealing with bad credit then you have to select a vehicle that is aligned with what the bank deems affordable. How does the bank decide your affordability? The lender considers your monthly obligations for your mortgage/rent, minimum payments on credit cards, phone bill, etc. and calculates how much percentage it takes up in relation to your monthly income.
What should be considered when selecting a vehicle? There are 2 things to consider when selecting a probable unit that will increase chances of a $0 down approval. First, you should always consider the year and mileage of the unit as it will affect the term given to you for this car loan. Second, the price of the vehicle. Make sure you do not select a unit that will give you a high amount to borrow, and fits your budget.
If you are interested in a $0 down approval, contact us at 1(866)979-2947 or simply fill out our no obligation, finance application and we’ll have one of our finance specials assist you. Getting you approved for a car loan with flexible term and low interest rate is our priority!