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Best Deal on Bad Credit No Money Down Auto Loans
Best Deal on Bad Credit No Money Down Auto Loans

Buying a car without down payment is a task for a brave bad credit borrower! Auto buying process can be stressful, especially when it comes to the 'devilish' down payment. Do not lose sleep over down payment amount because you can avoid it. When you don't have sufficient money or do not want to make down payment, you can opt for no money down auto loan program.

Work on Things that can be controlled

When you are applying for bad credit no down payment car loan program, do not worry about bad credit. Many Americans with bad credit history buy their favorite car without down payment. How do these people manage it? They focus on their strong factors and do not take tension of bad credit.

Most car loan experts will suggest you to improve your credit score. But, it is not possible to improve it overnight. Also, convincing a co-signer is extremely difficult. Here are few things that are possible and can improve your approval chances.

Pay-slips/Tax Details

Because of the competitive auto financing world, lenders are willing to ignore your troubled credit history. They are ready to make peace with your past if you earn a satisfactory income today. You can provide a copy of your current pay-slips. If you are self-employed, your tax details will work for you.

Employment Verification Letter

Only income is not important. What matters is a REGULAR income. Lenders are interested in your job because it guarantees regular monthly payments. So, ask your employer to write an Employment Verification Letter. A self-employed car buyer can produce his business details for the same.

Lower Debt To Income (DTI) Ratio

Along with job and income, lenders want to know about your debt. It will help them in ascertaining the situation in a better light. Your DTI ratio will show the lender whether you will be able to manage additional debt. For this keep this number on the lower side. Pay off few debts to improve your DTI ratio.


There are many alternatives for lowering your loan amounts, other than down-payment. You can achieve this goal by using your old car. If there are no liens on the car, give it to the dealer. The dealer will establish the value of the vehicle and deduct the same amount from the total cost of a new car. Thus, you will be able to make down payment without paying a single penny out of your pocket.

Applying for No Money Down Auto Loans? Apply for Gap Insurance as well

Remember to buy gap insurance. It will be helpful when your car suffers the total loss. When a car is written off, depreciation lowers its value. And, you will owe more money than you will receive after selling the car.

When you make down payment, you pay for depreciation. But, without a down payment, there will be a huge gap between the car's value and the amount owed. Gap insurance will pay for the difference between the two.

So, these are the ways in which you can get the best deal on no money down auto loans with bad credit. Do not worry about your bad credit score. Work on the factors mentioned in this loan guide, and you will get the car of your dreams.

Car Destination is your destination for getting no money down auto loan at affordable rates. The Austin based low rate bad credit auto financing company has experience of providing loan options to bad credit buyers across America. So, apply without apprehension.

All the best for your car with no down payment at all!