NO DOWN PAYMENT
No Down Payment California Auto Loans
If you’re looking for a no money down car loan, you may wonder what the requirements are for getting one. No money down loans are generally secured by those who can’t afford a down payment or those who have a car to trade in.
The No Money Down Loan Paperwork
In order to get a no money down auto loan you will be required to produce the standard auto loan paperwork, regardless of your credit score. This means you’ll need your last two pay stubs, which must include the total you’ve earned for the year. If you are self-employed, bring tax returns for the past two years. Our car dealer will look at your credit report, so it’s always good to review it yourself prior to looking for an auto loan.
Bad Credit No Down Payment Financing
If you have bad credit, you may have a more difficult time getting a no money down auto loan.
One requirement of this kind of loan is paying a higher interest rate than you would with a down payment. Another requirement will be paying a price for the car that is in line with the value of the car. Since a no money down loan has a greater chance of default, the lenders do not want to be stuck with a car that is worth less than the loan amount should they need to repossess the car.
You may be required to have a co-signer on an auto loan when you’re not prepared to make a down payment. Another possible requirement is clearing up any negatives on your credit report. You should request a free copy of your credit report that you are allowed by law to receive each year. If there are negatives on the report that you feel are in error, begin the task of fixing them before you attempt to buy a car.
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