The average price of a new car is near $34,968. Most people put a down payment on their car using loans. They do so in order to afford the car they really want.
Folks typically have to pay a down payment of 10 percent of the price of the car. If this the first time for you buying a new car, you can expect to pay anywhere between 12 and 20 percent.
With that being said due to the economy, not everyone can afford a down payment,
Below are a few ways to get a car loan without having to put down a down payment.
First, Know Where Your Finances Stand
Dealerships will want to know how good your financial health is before selling you a car with no payment down. They will do so by checking your credit history. A score of 680 and above will better convince the dealership to sell you the car with no down payment.
Think about Your Credit Score And Financial Status Before Putting A Down Payment On A Car
Consider Using A Co-Signer
If your finances aren’t where they need to be to get the car, you may want to consider a co-signer. It can be a friend or family member who credit score is high.
Using a co-signer can guarantee that the loan will be paid off, whether from you or them. The co-signer is responsible for any payments that the owner may miss for whatever reason. Failing to pay on time or at all will hurt your co-signers credit score significantly. Utilizing a co-signer takes a lot of responsibility.
Compare Shop Prices
It’s always best to shop around for the best quotes from different lenders. THough some lenders may not want to sell you a car without a payment, others may be willing to do so.