You've got bad prestige and dealer after dealer is wanting money down. To buy a car with bad credit, with no money down, you need to know a few things.
First, there are only two reasons that a dealer would want a down payment...
BAD
The most common guess is because it adds behalf to the sale. The other less common guess is because it's needed to lower the total estimate financed for approval by the lender. Trying to form out which is the real motivation to pressuring you for cash is a miniature difficult so long as, you are depending on the dealer to get you approved.
Most population think that if they have bad credit, they have to use the financing offered straight through the car dealership. After all, the local bank won't give you a loan right? This is a common mistake that can cost you thousands of dollars in outrageous finance charges.
Let me fill you in on a miniature Big secret...
Car dealerships mark up the price of the car. Every person knows that. Did you know that they Also mark up the interest rate? Yes, they do. They submit your prestige application to lenders. The lender responds with an offer. Let's say that they approve you for a rate of 9%. Guess what? The dealer, knowing that you know you have bad prestige will try to convince you that you are approved at 12%. The 3% incompatibility becomes nothing more than behalf that the finance owner gets paid a commission on. Guess you pays for it... You. Your payments go up 10, 20, 30, 50 or even 0.00 per month plainly because the dealership marked up the interest rate.
The truth is this. You can buy a car with bad prestige with no down cost and also with lower interest rates by plainly avoiding the dealer finance branch altogether. If you know where to look and prearrange your financing (yes it's done everyday), then you can have the trust to walk into a dealership, pick out the car of your choice based on the estimate the finance firm preapproves you for and had the dealer a check. This puts the power of negotiating price in your favor.
Car dealers will be jumping over backwards for your business.
Buy a Car With Bad reputation With No Money Down
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