If you have bad credit, chances are you don’t have a lot of extra funds strewn about to use as a sizable down payment for a used car. However, that doesn’t mean you can’t get a car with bad credit and no money down. It just means you have to try a little harder to find the best deal!
Consider Other Options
The entire purpose of a down payment is to show good faith. You put a dent in the overall cost of the vehicle and it not only proves you’re serious about your investment, it actually lowers your monthly obligations so you’re less likely to fall behind or default, making you less of a risk to lenders. Of course, there are other ways to build trust with lenders than offering cash upfront. You can trade in a vehicle if you have one, ultimately putting the value of that vehicle toward your new vehicle, similar to a down payment. Or you can have a cosigner agree to accept responsibility for your loan should you be unable to pay – which gives lenders great peace of mind. However, both of those options have their drawbacks, which is why really the best thing you can do is find a lender that offers no money down deals to people with bad credit.
Finding The Perfect Lender
To find the perfect lender, you first have to weed out all those who really just aim to take advantage of you. Buy-here pay-here places in particular, love to prey on people with bad credit, offering extreme interest rates on subpar used cars and other vehicles. On the other hand, dealerships usually have a wider selection of great cars, but their financing is typically geared toward those who are more financially flexible. This, of course, can make finding the perfect lender extremely difficult, not to mention frustrating, for people with bad credit. That’s why, you should just skip all the heartache and irritation and choose Suburban Auto Finance right off the bat.
At Suburban Auto Finance, we offer the best of both worlds when it comes to car buying. On the one hand, our Guaranteed Credit Approval allows all those who are interested, including those with bad, little, or no credit, to get the fair, affordable financing they deserve. Meanwhile, our exceptional dealership network allows us to connect our pre-approved clients with actual, reputable dealerships nearest them so they can choose and fall in love with the reliable used vehicle they need without all the hassle, embarrassment, and stress. Interested? Apply Now!