![]() To help further, you might consider keeping a close watch on any potential red flags in your finances.Īlso consider that when you take out a car loan with no money down, you're enjoying the perks in the short term, but you'll have to pay for them in the long term. Finally, you should know that keeping the car's purchase amount plus all applicable fees below your pre-approval offer will help you to secure this type of loan. Not only might you need to have a decent-to-good credit score to secure a no-money-down loan, but having a good credit score (at least 680 points) is also the best way to prevent a lender from increasing the interest rate they would've given you on a conventional loan.Īdditionally, trading in a car to substitute for part or all of the down payment is something else lenders like to see. That's because choosing to roll all of the extra car fees-sales tax, registration fee, title fee, dealership fees, etc.-into the loan means you may need good enough credit to be approved for a larger loan. In the case of a no-down-payment loan, it's even more important. Your credit score is a major determining factor for any type of car loan you want. Your current car's trade-in value (if applicable).However, all lenders will look for a combination of the following to determine loan eligibility: Ultimately, the decision is up to your lender. It's helpful to know what you'll need to increase your chances of approval for this type of loan. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |