A down payment is not always needed to qualify for a special car loan. In fact, people can choose to buy a car with no money down when they apply with AutoNet Financial today. Our network of specialist know that special auto loans with no money down are not easy to find, which is why we want personally locate the best dealer for you.
Credit Status: Good Credit vs Sub Prime Credit
The first requirement that a borrower must account for when applying for special car loan is the current health of their credit score. It is always much easier to qualify for auto financing with zero money down when an applicant has good or prime credit; however, those with sub prime credit may have a tougher time being approved. By having a credit rating near 700 a person can almost guarantee they will get a 0 down auto loan, as long as they agree to pay close to the value of the vehicle.
For those looking to get no money down car financing with sub prime credit it will incredibly important to consider using a trade-in vehicle to cover up for the fact that you have a poor credit score. A dealer will take a good trade-in and use it as a down payment on the automobile a buyer wants, while allowing them to keep their own money in their pocket.
Proof of Employment and Ownership of Trade-In
The next step to being approved for a special no money down car loan is showing an auto finance company that your monthly income is capable of sustaining the payments and interest rates that come along with the vehicle. In order to do this it's important to have at least two recent pay stubs available for a lender to examine or if you're self employed you will have show your tax forms from the previous years.
If you are using a trade-in vehicle for special finance bad credit auto loans you will also have to show all the necessary information for the car you're offering the dealer. These things include:
- Vehicle Details (make, model, year, VIN)
- Dealer sheet or purchase price on buyer's aggreement
- Car Title
- Proof of Insurance
The last thing that needs to be done in order to guarantee approval for a no money down car loan is to utilize the proper car loan finance companies to process your loan. Often times buy here pay here dealers offer these deals to people with sub prime credit, but they also offer much higher interest rates.
By using the internet and trustworthy website like AutoNet Financial you can find out all the details of special vehicle financing before fully to a no money down loan. Just check out our quick auto loan qualifier to get an estimate of what your loan may look like, and we help you get qualified for a loan.
