It seems these days that owning a car is a requirement to even be part of society these days. Which is why many find if you need a car loan but have bad credit and may even need to put zero down, getting back over the hump can seem extra difficult task. Is buying a vehicle with bad credit even possible these days? It may seem an insurmountable task but there are places to can help, some you can even find online.
Buying a Vehicle with Bad Credit
There are a number of specialized financing companies that will help you buy a car with bad or no credit even after your local bank or credit union has turned you down. At LotPro.com we are even partnered with one, allowing you to get an auto loan in your area online quickly without even leaving your house. Which is good news if you don't have a steady ride to begin with.
So how does car loans for bad credit no money down even work? First it means finding a special finance company that works with credit issues, and then applying through them. And while you may have heard correctly that true no money down offers are gone, they are not entirely dead either. For example by searching new car incentives for the biggest rebates, you can get financed on a new car and used the rebate as your down payment.
Take for example the current Chevy rebates this month. Some Chevy rebates are quite large, as much as $4000 off even. If you even take one half the size of that you can easily cover whatever money down is needed without anything out of pocket. You might even save an extra thousand or two on top of that. Your financing will be higher then a bank or credit union though so it's best to take the shortest duration loan you can afford.
Trade In to Trade Out of Money Down
The other option is to use a trade in to cover whatever out of pocket money down you need for the loan. Of course this is great if your trade in covers the difference, but what if your trade doesn't measure up? Some dealers will still take the trade in, and loan you the extra money needed to cover the money down, but add it to the total loan cost. They do so because they get to charge you interest on whatever extra the difference adds to your loan but if managed correctly this can be a far better option then no car at all.