| Depending on your credit score and what type of | | | | to income ration is also good. |
| car you want to buy, you may be able to get a | | | | > If you've been turned down recently, you |
| halfway decent used car, and maybe even a new | | | | still may be able to get a "special financing" loan if |
| car (if possible factory incentives are favorable) | | | | you finance through a dealer, and they are |
| for no money down. You should however be | | | | motivated to sell you a car. Some dealers state |
| aware of a few things before you start jumping | | | | that all you need is to be currently employed, |
| for joy! | | | | have a recent pay stub, and you can drive a way |
| > Monthly car loan payments are based on | | | | in a car. Others advertise that "they offer |
| your down payment (zero in this case), the | | | | financing to anyone the law allows" but in reality |
| interest rate, and the number of months in the | | | | that statement sounds a little vague and |
| repayment contract. New cars will generally qualify | | | | open-ended. |
| for lower interest rates and longer repayment | | | | > Dealerships aside, if at all possible find |
| schedules, with used cars being the opposite. | | | | financing before you shop for a car. This may not |
| > If you are currently in a Chapter 13 | | | | always be an option for you but if it is, your |
| Bankruptcy, most lenders require that you have | | | | choice of autos that you can purchase will be |
| completed 2/3rds of it in order to qualify for | | | | much greater. |
| (any) car loan. However, If you have a trade in | | | | > If you have a trade-in that's in relatively |
| that is part of the Chapter 13 Bankruptcy the | | | | good shape, your chances of getting a zero down |
| likelihood of being approved for the loan is much | | | | car loan increase by about 100%. This is because |
| better. If you've had a bankruptcy in the past | | | | in reality, the trade-in value of your old car is a |
| don't despair as you still may be able to get | | | | down payment so you're really not driving away |
| financing for a car but it might take you a little | | | | with a no-money down loan. |
| longer, and it may not be a zero down loan. | | | | In summary a zero down car loan is not for |
| > If you have little or no credit history, a | | | | everyone, nor is it available to everyone but it's |
| cosigner will help your chances of getting a loan as | | | | something to consider if you don't have a lot of |
| long as their credit score is good, and their debt | | | | cash on-hand, and you want to purchase a car. |