One of the biggest questions we are asked is "Can I get this with no money down?".
This depends on the lender, credit and a few other variables.
There are many lenders that will work with a no money down situation.
This sounds great..right? However, there are a few things to consider to see if this option is right for you.
Let's say you get approved for a loan on your dream car and you put no money down. As you are driving off the lot you are also driving with a higher interest rate, larger monthly payment and no equity in your new vehicle.
Used cars already have a higher annual percentage rate (APR). In most cases if you do mot make a down payment you will be looking as well at a higher payment.
If you are approved and decide to use the no money down option be aware of the following.
1. You will have no equity in your vehicle.
2. You may have a higher interest rate.
Be sure to pay attention to the terms and do your best to pay the loan off quicker to minimize your interest costs.
