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100% Car Financing? No Money Down Loans

When you don’t have a trade-in or a down payment you need what’s called a no money down loan. They are available through many lenders and dealerships but beware, there are several factors you should take into account before applying for this type of financing.

When you seek a new car with no money down two things are noteworthy, the interest rates will be higher than those offered to buyers with a down payment or trade and you will be “upside down” on your loan the minute you drive off the lot. Because vehicles lose between 15 and 20% the minute you take delivery and drive away you will already be “upside down” by at least that percentage of the purchase price. Used cars which typically have already suffered this loss of value may be a better idea for the purchaser who has nothing to put into the deal.

Used cars will have less initial depreciation but typically carry shorter contract lengths for repayment and thus may have higher payments. So, the first thing you must do is determine what you can afford to pay. Don’t take on a payment which you will find difficult to make on a monthly basis.

If you don’t have enough money to make a down payment however, don’t despair, loans are available on this website to people who don’t have any money to put down or a trade-in. We have been making loans of this type for several years and our dealer/ lender network has helped thousands.

Here are a few simple tips before you apply for 100% financing. Higher credit scores will obviously receive lower rates and find the process easier. But even those with poor credit can qualify for loans of this type. One thing that can improve your ability to obtain a no money down loan is the ability to pay at least a portion of the tax and title fees. Having to finance the entire sale price of the car and the tax and title fees as well can significantly increase the amount of money which you will pay over the life of the loan.

One final word, shortening the loan terms as much as possible will lessen the total cost, but make sure you don’t saddle yourself with a payment you can’t comfortably afford.

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