If you want an auto loan and have bad credit, getting an auto with no money down is a matter of understanding how secondary lending works. You don't have to have a car payment if you know where to go and what to do. On the other hand, if you listen to car dealerships then you may be believing something different. Car dealerships have a very legitimate reason for wanting you to make a down payment on a car.
It's called profit.
So, there you go. The question is however, how do you go about getting an auto loan with bad credit and no money down? Aren't down payments supposed to be required?
When you arrange your financing independent of a car dealership and where you are buying your car, there is no salesman that is trying to get a commission from the sale. The financing is arranged based upon your need, what you have to have and what you can actually afford. At car dealerships, the dealer wants to put you in the most car that they can to make the most money.
Car dealerships are not in the business of lowering your car payments.
If you want lower car payments and a lower interest rate along with eliminating the need for a down payment, you need to look outside of a car dealership to obtain financing.
Chances are that you are not going to be able to achieve this at your local bank unless you have a good relationship with your local banker. The best opportunity that you have is to contact lenders that are available online to help you.
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