Buy a Car With Bad Credit With No Money Down

2009-12-12T20:50:00.001-08:00

By Jason Lanier

You've got bad credit and dealer after dealer is wanting money down. To buy a car with bad credit, with no money down, you need to know a few things.

First, there are only two reasons that a dealer would want a down payment...

The most common reason is because it adds profit to the sale. The other less common reason is because it's needed to lower the total amount financed for approval by the lender. Trying to figure out which is the real motivation to pressuring you for cash is a little difficult so long as, you are depending on the dealer to get you approved.

Most people think that if they have bad credit, they have to use the financing offered through the car dealership. After all, the local bank won't give you a loan right? This is a common mistake that can cost you thousands of dollars in outrageous finance charges.

Let me fill you in on a little BIG secret...

Car dealerships mark up the price of the car. Everyone knows that. Did you know that they ALSO mark up the interest rate? Yes, they do. They submit your credit application to lenders. The lender responds with an offer. Let's say that they approve you for a rate of 9%. Guess what? The dealer, knowing that you know you have bad credit will try to convince you that you are approved at 12%. The 3% difference becomes nothing more than profit that the finance manager gets paid a commission on. Guess you pays for it... you. Your payments go up 10, 20, 30, 50 or even $100.00 per month simply because the dealership marked up the interest rate.

The truth is this. You can buy a car with bad credit with no down payment and also with lower interest rates by simply avoiding the dealer finance department altogether. If you know where to look and prearrange your financing (yes it's done everyday), then you can have the confidence to walk into a dealership, pick out the car of your choice based on the amount the finance company preapproves you for and had the dealer a check. This puts the power of negotiating price in your favor.

Car dealers will be jumping over backwards for your business.

Find Legitimate Lending Sources Here: Buying Cars with Bad Credit.

(http://www.BuyingCarswithBadCredit.com)

Jason Lanier, Expert Author.

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http://EzineArticles.com/?Buy-a-Car-With-Bad-Credit-With-No-Money-Down&id=2515580

How to Get an Auto Loan After a Repossession

2009-07-12T20:24:00.000-07:00

Repossessions are common these days, with the many credit disasters that people are enduring due to the state of the economy in this country. It's heartbreaking and troubling to have to go through a repossession, however you're not alone.

There is help if you've had a repo.

If you're looking for good sources to find auto loans after repossessions or foreclosures, I recommend these lending sources: HERE & HERE. These two places will help you get together with lenders that will work with you, understand your situation and help you to get the best interest rates, payments and terms available.

If you're repossession is very recent, you can possibly look at getting your vehicle back. By law, and it does vary by state, you have a set length of time available to you in which you can come up with the money to get your past due payments brought current.

That of course, depends on how much your payments were. In many cases, you would be better off to use the money for past due payments, to simply use as a down payment on another vehicle.

In some cases, in fact in many, you won't need a down payment if the amount of money you're looking to borrow is comparable to the loan value of the car. It's usually only when the price of the car far exceeds loan value, that you would be in need of putting money down.

It is my hope that the resources in this article help you.

Thank you for reading!

Auto Loans After Repossession

Buy a Car With Bad Credit With No Money Down

How to Get an Auto Loan After a Repossession