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Do Auto Loans With No Down Payment Really Exist?

Author: Charles Martin  //  Category: Car Insurance

Only when there is hard cash to purchase a car that there are lesser hassles. This is a simple process as compared to the auto loans available with down payment. To make the car purchase an easy process it is very necessary to consider auto loans without any down payment. Even the car dealers prefer cash but many of the buyers have to consider an auto loan.

Approach the Right Lenders

To secure the car purchase, down payment to be made is an approximate 20% and the rest of it that is 80% is offered as a loan amount. Before the auto loans are offered it gets a bit difficult for the buyer to arrange for the down payment.

If at all the right lenders are approached it is very much possible to get a car loan without down payment. By doing this you can steer off all the financial type of services offered in the dealerships. For the car dealers, the down payment is an important aspect. As a result of the down payment the car dealers get some hard cash. Dealers could frown if down payment is not received.

Get the Loan Pre Approved

The buyer should note that a down payment is equally good for him as by doing this reduction of the loan size takes place. If you are willing to make a larger down payment the interest rate charged will be lower. To make a larger down payment a larger sum has to be collected in advance which could be draining on you. An attractive option could be a car loan without down payment even if you have to pay higher interest rates.

To avoid any extra costs levied by the lender, it is better to get the loan pre approved from the credit union or the bank. A good lender needs to be identified to avail an auto loan. Many of the traditional lenders more than willingly provide auto loans at 100%. Some of the best terms are offered by the online lenders as well, so shop around properly first.

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