Secrets to Buying a Car with No Money Down

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(Free-Press-Release.com) April 23, 2010 -- Many car lenders and auto dealers want their buyers to offer a 5-20% down payment before approving them for vehicle financing. Unfortunately, that's a tall order for many Americans. However, there are dealerships who approve zero down financing if you know how to find them, and even if you don't find one, there are a couple of secrets to financing a car without a cash down payment.

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Secrets to Buying a Car with No Money Down

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Firstly, most auto finance experts do indeed recommend that buyers save up for a down payment before financing a new or used car. Down payments lessen the threat of negative equity ("upside down car loans"), decrease your installment payments, and overall they increase the odds that a car lender will approve you. That said, many Americans need a vehicle and simply don't have the time or excess budget to accumulate the cash for a down payment.

Going Online for Zero Down Car Loans

In these cases, buyers can use an online loan-finding service such as Zero Down Car Loans (http://www.0downcarloans.com) to find a lender or dealer willing to pre-approve them for financing even though they indicate on their credit application that they have no down payment to offer. An applicant who submits his or her application online will typically be notified as to whether they have been pre-approved within 24-72 hours. Instead of shopping one's application to one dealer or creditor at a time, an online service allows a single application to be presented to multiple dealers, streamlining the time and efficiency of the credit approval process.

Dealer Tricks When Down Payments Are Mandatory

Additionally, many dealers have ways to help customers get into a new car even if the lenders through whom they offer financing do indeed require a down payment. One method is through trade equity. In this case, a buyer must have an existing vehicle to trade in. If the worth of that vehicle does not amount to the minimum down payment required by the lender, the dealer may agree to give the customer an amount for the trade-in that is in excess of its market worth. That way the customer has enough funds to meet the lender's requirement for down payment. The dealer, to cover these excess funds, will simply roll them into the price of the new vehicle.

A second method is the use of cash rebates as a form of down payment. Not all lenders allow these, but dealers working with a preferred list of lenders will know which ones are open to this type of arrangement. With the unprecedented offerings of new car rebates on the market today, a car shopper may very well find him or herself in the seat of a new car even though he or she approaches the dealership with no cash ready to put down.

More information can be found online at http://www.0downcarloans.com/

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