| ou like to get approved for a "0 down" car loan? | | | | school way of doing business, but sadly, it works. |
| There are ways to get this done even if you have | | | | So, how can you get a "0 down" car loan when you |
| bad credit. Getting a car loan with no money down or | | | | have bad credit? |
| "0 down" is very simple if you understand the reasons | | | | You have to remember that there's only two reasons |
| why dealerships ask for down payments and how to | | | | that you would ever be asked for a down payment, |
| avoid having to have one. Too often people believe | | | | even if you have absolutely horrible credit. The first |
| what they are told by finance managers and car | | | | reason is simply as illustrated above... the dealer wants |
| dealers, when in fact, if you know just a few key | | | | to maximize profit on the sale and tries to convince |
| points, you can avoid all of those hassles altogether. | | | | you that you have to have money down. The second |
| Why would a car lot want a down payment? | | | | reason is that the dealer has too much money in the |
| Dealerships use down payments generally as a way | | | | car and the lender won't advance the amount needed |
| of adding extra profit to the sale of a car. That's why | | | | to match the sale price. Getting a good deal on a car |
| they're usually something that are flexible. A car | | | | certainly helps. |
| salesman may hit you up for a $3,000.00 down | | | | Different lenders have different guidelines and there |
| payment just to see how you react. They start you | | | | are good lenders that will advance the full amount |
| off high and to see how much you can come up with. | | | | needed for you to buy a good vehicle with bad credit. |
| It's a game! | | | | 0 down is commonplace with these types of lenders. |
| When I was at my first dealership, I was trained to | | | | There are good lending networks online that will allow |
| "prime" the customer for a down payment at the end | | | | you to find lenders that will approve you based on |
| of the test drive. The way that I was trained to ask | | | | your individual credit history. This makes getting |
| the customer about a down payment was by saying, | | | | approved, and getting approved for 0 down car |
| "Mr. Customer, what were you thinking about doing for | | | | financing very easy. The best part is that all you have |
| an initial investment? $3,000.00 or $4,000.00?" The | | | | to do is provide your basic information and don't have |
| reaction from the customer was always abrupt and | | | | to go through a long credit interview process and it's all |
| they were taken off guard by this question. What it did | | | | in the comfort of the chair that you're sitting in now. |
| though, was "raise the bar" and after being asked | | | | There are benefits of putting money down. |
| about $3,000.00 or $4,000.00 down, it made the idea of | | | | Down payments are not evil. They should not |
| $1,000.00 or $2,000.00 seem alot lower. That was the | | | | however, be a part of the negotiation process of |
| only purpose for asking the question... It's called | | | | buying a car. Even when you do have a down |
| "working a customer for cash". | | | | payment that you want to use to lower the amount |
| The more down payment that a car dealer can get | | | | financed, which lowers your payments, you should |
| you to agree to, the less money needs to be loaned | | | | always negotiate the sale price and interest rates |
| on the car, which means that the dealer can make | | | | based upon having 0 down. |
| more money. | | | | Don't ever tell a car dealer that you have a down |
| The reason they can make more money when you | | | | payment until after you've agreed on the price of the |
| have a down payment is because the lenders only | | | | car! |
| allow a maximum amount to be loaned on the car. If a | | | | That is CRITICAL to getting a good deal, regardless of |
| dealer can max out the amount that the lender will loan | | | | credit. It will however, make it easier to qualify for a car |
| PLUS get a down payment for you... | | | | loan to have atleast the amount of your first payment |
| BAMM! | | | | to put down. It's just shows good faith in your intentions |
| You've just been had. It's sad but true, but that's the | | | | to pay the loan. |
| way that some car dealers still work today. It's an old | | | | |