When you are struggling with your income it may be difficult to see how you can possibly qualify for a car loan without a down payment. Luckily, you can trust in an online lender like AutoNetFinancial.com to make the process much easier. We can tell you what you need to qualify for financing without a down payment, as well as the pros and cons of such a decision.
The Pros and Cons of Car Loans with No Down Payment
At first glance buyers tend to believe that avoiding a down payment equates to nothing but positive things, but that is not the case. There are clear disadvantages that people need to consider when pursuing these no money down car loan options. For example, a benefit to auto financing with zero down is that it saves you money on the initial purchase while being guaranteed approval.
Unfortunately, the drawback to not putting any money down is that you are consenting to higher payments. You also have to consider the fact that a down payment can serve as a cover for a bad credit auto financing score. Not to say that you can't meet the requirements for a no down payment loan when you apply with us.
Requirements for 0 Down Auto Financing
To qualify for special financing with most lenders a person needs to have the perfect credit score, while showing that they have been employed for a lengthy period of time. However, we are experienced in helping people with poor credit, bad credit, and no credit to qualify for financing with zero down at a local lender.
All that we ask our applicants to do for us to satisfy the following requirements:
- Be employed for any period of time
- Produce a gross monthly income of at leat $1500 (before taxes)
- Have a consistent residential history
- Be at least of 18 years of age
- Be a citizen of the United States or Canada
These are just of the basic bad credit car loans stipulations that we also apply to people looking for 0 down loans with any type of credit score. It also helps to look into a cosigner or even a trade-in vehicle to try and lower the interest rates and loan payments.
