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How To Obtain A No Down Payment Car Loan

August 10, 2011

When it becomes necessary to purchase a car right away, it may mean purchasing a car before the down payment has been saved. The following information can give you some options on how to make this happen.

1) A GOOD CREDIT SCORE. When you have a good credit score (ideally 700 or better), lenders are willing to take a bigger chance and arrange a loan with no down payment. The better your credit score is, the more likely it is that lenders will be willing to negotiate such a loan.

2) COUPON CLIPPING, CAR STYLE. Most people are familiar with the concept of using coupons to lower the price of grocery items, but may be surprised to learn that coupons exist for cars, too. Although these coupons will not be found in the Sunday circulars, they effectively work the same way in lowering the price of the car. Rebates are publicized through the internet or through a local dealer. In some cases, a dealer might be willing to apply the rebate to the price of the car. This rebate, could become the down payment, and be just as effective as cash from your own wallet.

3) OUT WITH THE OLD...IN WITH THE NEW. If you are upgrading (or downgrading) your ride, the value of your trade-in car can be applied to the down payment. Especially in the case where you are trading in a vehicle in high demand, a dealer might be willing to consider a no down payment car loan.

Although there are many ways to get a car loan with no down payment, it is much easier if you have a connection into the lending industry. Carloans.com would be more than willing to help you get the loan you want. We work with customers with all types of credit, and have a proven track record of matching lenders to customers. Fill out an application to get the process started today!

Author: CarLoans.com Staff


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