Can you buy a car with no down payment?

+1 vote
asked Sep 8, 2018 in Buying & Selling by theotheronek (230 points)
Can you buy a car with no down payment?

Is it possible to buy a car without having to come up with a down payment on the car?

1 Answer

0 votes
answered Sep 9, 2018 by ooklamook (290 points)
I've seen some car dealerships advertise that they can get you approved for an auto loan with no money down and it does work for some people.

However you will still need to pay taxes and other fees at the dealership if you get approved for the auto loan before you drive off the lot with the car.

And the catch is if you don't put any money down on the auto loan then you'll owe more money to the lender due to higher interest rates.

To get an auto loan with no money down you're gonna likely need a credit score of 650 to 700 or above to qualify.

It's best if you can to put some money down on the auto loan because you'll pay less on the auto loan in interest.

With no money down on the auto loan you'll pay more than what the car or vehicle is actually worth.

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