How Do You Buy A Car With No Money Down?
Buying a car with a down payment often results in a lower interest rate and monthly payment. Unfortunately, some buyers do not have the extra cash and choose to buy a car with no money down. Several auto lenders approve no-money down vehicle loans. However, not everyone qualifies for this type of loan. Before stepping foot inside a car dealership, familiarize yourself with a lender’s no-money down loan requirements. Step 1 Establish a credit history. Obtain a credit account before applying for an auto loan. Apply for a secured credit card or obtain a student credit account. Because creditors report to the bureaus after the first month, you’ll establish credit immediately. However, it can take between six and 12 months to develop a good credit score. Step 2 Check your credit score. To get a no-money down car loan, lenders generally require a good credit score (680 or higher). Check your credit report before completing an application. If necessary, improve your score by 20 or more points
