 CAN I BUY A USED CAR WITH NO MONEY DOWN?
Yes! That's the simple answer - you can buy a used car with no money down. Although your lender may significantly increase your interest rate to make up for the lack of a down payment, it's a real possibility.
Our team here at Schimmer Used created this guide to getting a used car with no money down. In it, we plan to cover some of the techniques that you can use to boost your chances of getting your no-money-down car loan soon! Feel free to contact us today if you have any questions about what you read.
If you'd like to discuss your options with our financing team, we'd like you to know that we're just a couple of minutes away from Mendota, Ottawa, Rochelle, and the surrounding Illinois towns and cities.
4 WAYS TO GET A USED CAR WITH $0 DOWN
Now, let's dive into the specifics. Here are some of the easiest ways that you can get your next used car loan without having to put any money down. We understand that cash is tight, and we'd love to help.
1. Take on the Extra Interest: If you're comfortable paying annual interest rates that can be as high as 10-20%, why not? If having the bulk cash up front is the problem, many lenders are willing to settle for higher APRs…especially if you can prove that you're steadily employed.
2. Improve your Credit Score: With a score of 680+, you might be able to convince a lender to waive your down payment on the basis of your reputation alone. Merit is a powerful tool. However, if your score dips under 550, you might find that lenders aren't willing to play ball.
3. Find a Cosigner: Getting a cosigner with a strong credit score can be a godsend. However, it might be harder than it sounds. Do you have a family member or friend who trusts you enough to put their own credit and finances on the line, should you default? If you do, then go for it.
4. Shop Around: Last, but certainly not least, don't settle for the first response that you get. If one…or two…or even ten lenders aren't willing to float you a zero-down-payment loan, who's to say that the second…or the third…or even the eleventh lender won't?
If none of those methods are working, we'd also suggest making a minimal down payment. Even the smallest amounts (significantly less than the typically touted 20%) can convince a lender to keep your interest rates low.
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CONTACT OUR SCHIMMER USED FINANCE DEPARTMENT TODAY FOR MORE INFO!
Here at Schimmer Used, we treat our customers like our friends - we want to see you succeed. If that means working with you to get the best possible used car loan for your situation, then we'd love that.
Get in touch with us today to discover the financing options that you deserve. If you live in Rochelle, Ottawa, Mendota, or any of the nearby Illinois communities, fill out a form to get pre-approved now.