Car Loan Articles

Car Loans Online,Get the Best Car Loan That Is Right For You.Apply Now!

Zero Down Car Loans

July 6, 2011

In an ideal world, it's a smart move to have a down payment in hand when getting a car loan. A down payment will lower the amount of the loan, and can also lower the interest rate as well. It also makes the loan applicant a more favorable risk to the lender.

But what should a person do when a new or used vehicle becomes a need rather than a want? In some cases, an engine will fail, or unexpected repairs will make repairing the car more expensive than replacing it. If this is the case, then it is definitely time to go shopping for a new car. If you do not have a down payment, you'll also need a zero down car loan.

Zero down car loans are available, and certain strategies can make them more affordable. Having good credit can increase your likelihood of getting a zero down car loan. Review your credit history and FICO score so that there are no surprises when you are speaking with the lender. In addition, if you are planning to get a zero down car loan, choose a less expensive vehicle. Often this means getting a used car with a zero down car loan. Used cars will have depreciated in value. Ideally a buyer should consider a used car between 3 and 5 years old with low mileage. This type of car will be less expensive than its new counterpart, but is less likely to require expensive repairs right away. In addition, a lower loan amount loan will make it easier for you to afford the higher interest rates usually associated with a zero down car loan.

Carloans.com has over 20 years of experience and will be glad to put their network of lenders to work for you. Fill out an application to get started today!

Author: CarLoans.com Staff


Related Articles

Get Your Credit Score