3 Ways to Get a Car Loan With Bad Credit & No Money Down

If you have bad credit you have probably been to more than one car dealership that has turned you down. This is very common that people do not accept the opinion of the first car dealer and so they go looking for a second opinion much like many people do with doctors. We just do not like to hear the bad news and were looking for someone that will tell us what we want to hear.

Here are three ways that you can get approved for a bad credit car loan without having to put any money down.

1) If you have a local bank or credit union that you have your checking account with, you may be surprised to find that they will actually offer you a car loans so long as, you have a reasonable average balance and do not ever have any overdrafts. You will have to have a stable place of residence that you have probably been added for at least two or three years, you will need to have been eager job for a reasonable amount of time, and the price of the car needs to be within certain guidelines. These guidelines will relate to the loan amount. The loan amount versus the loan value. Getting a car loan with no money down using a local bank or credit union, means that you will have to find a deal on a car that is priced at or near loan value.

2) Buy here pay car lots are not the cheapest place to buy a car, however financing is very easy. Some places do not even have a credit check and do not really even have any requirements whatever, other than having a down payment. The only way to avoid a down payment when buying a car at a car lot that finances their own cars, is to have a trade-in that is either paid off or has considered equity. This is not the best option for you if you want to save money and get a good deal on a car, however, I mentioned this information in this article because buy here pay here car lots are commonly considered as an option when you have credit problems and need a car.

3) Online loan companies that are legitimate, can offer you finance saying with no money down and guidelines and lending standards are quite a bit different from those that you will find when using a local bank. These types of lenders work only with people that have bad credit, and are in business just to help people out there that have bad credit and can not get financed at a car dealership. This is by far the easiest way to get a fast approval, get lower monthly car payments, and a better interest rates. One of the great things about using a service like this, is that you can pick and choose what model and make of car that you want, without being limited to what just one car dealership has to offer.it is much easier to get a no money down car loan when you are able to shop around and find a good feel on a car. When you can do this you can find good deals and local classified newspapers, bargain hunters, and even on-line auction sites.