No Money Down Loans and What You Should Know

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.

We take the Frustration out of Car Buying

Taking the Frustration out of Car Buying

The very thought of having to purchase a vehicle...ugh....we all have been there.  Here at Rankl & Ries Motorcars we understand how frustrating it can be.  The pressure can be overwhelming.  This is why we do our very best to provide a stress free experience from the moment you inquire about a vehicle to the moment you take delivery.  We have come up with a few tips to help you on your journey to your next pre-owned vehicle.

1.  Have an idea of what your credit score is. 

2.  Know what type of vehicle you need and the options that are important to you.

Do you need a car, truck or SUV? Do you need 3rd row? Do you need 4WD?

3.  Know what payment you are looking for.  What is comfortable for you each month? 

This will help us when we are seeking finance for you.  We will do our best to get you into a payment that works for you.

4.  Come in prepared.  Bring proof of income. Have proof of residency, such as a utility bill. Also make sure that you have your drivers license and insurance information.

These are just a few tips that will ease some of the frustrations when you are searching for your next vehicle.  You also can go on our website and fill out a credit application so that you know what you are approved for before coming into the dealership. 

Rankl & Ries Motorcars

330-479-2000