Buying a new or used car for no money down is a lot easier than people might think. It helps that the market is in its current condition as many lenders struggle to find qualified car buyers. For people with good credit this is a huge plus for you.
A no money down deal can be done by using a combination of good negotiating techniques and buying a vehicle with a sizeable rebate. Almost all auto loan lenders will finance about invoice on a new car. So in order for you to have a no money down deal the bottom line has to be at or below invoice price on the new vehicle.
So if you're buying a new car with an invoice for $18,800 you cannot finance anything above that amount. If your bottom line is over that amount the difference will equal your required down payment. Keep in mind it's the lender that requires the down payment and not the dealer.
However the car dealer will continually ask you to make a sizeable down payment. This is done for two reasons: 1 To make as large a profit as possible, 2 To make sure the auto loan gets funded. You can read more about 13 dealer secrets by clicking there.
Finally, check out our sample reports to see how easy it is to negotiate a deal using them. You can view our automotive purchase order there, automotive installment contract there, and our 4 square there. That's the one dealers use to negotiate with.
|
