Basic Approval Requirements
- Minimum gross monthly income of $1500.00
- Payments can't exceed 20% of monthly income
- Residents of the United States and Canada are accepted
- Ability to acquire automobile insurance
- Not available for private party purchases or motorcycles
- Not available for repos within one year unless part of bankruptcy
Finance Reports
No Money Down Auto Loans
Depending upon your credit criteria no money down auto loans do exist and are feasible even with bad credit. No money down auto loans is often needed for those on a fixed income, low income, or previous bankruptcy that had no way of planning for this when their car took a dump. If your auto loan is approved through certain banks they do not require money down. But depending on the loan to value ratio, your interest rate could be somewhat incremented.
Another way to getting an auto loan with no money down is to bring in a trade vehicle. Even if the car does not run there is a way to show that you are getting money for the vehicle by just raising the sale price of the new car but essentially you will be giving the same amount of money for the vehicle. As an example of this say you were buying a car at $12000.00 and your trade is really worth $100.00 but you were required to but down $1000.00 of the selling price. So here is what you do, raise the selling price to $13000.00 and show you put down $1100.00 since your trade is worth $100.00. Your purchase price is still the same as it was plus tax, title, and license.
Another way to getting an auto loan with no money down is to bring in a trade vehicle. Even if the car does not run there is a way to show that you are getting money for the vehicle by just raising the sale price of the new car but essentially you will be giving the same amount of money for the vehicle. As an example of this say you were buying a car at $12000.00 and your trade is really worth $100.00 but you were required to but down $1000.00 of the selling price. So here is what you do, raise the selling price to $13000.00 and show you put down $1100.00 since your trade is worth $100.00. Your purchase price is still the same as it was plus tax, title, and license.