Poor credit scores imply that the borrower in question has not particularly been responsible with his finances when it came to his loans or credit card bills. But wait. There is absolutely no reason to think that he has been callous with his repayments owing to his sheer disregard for the loan terms. In fact, there might be a number of genuine reasons for which he had been unable to pay his installments on time. There might have been a huge drain of money owing to an accident or illness at home. Or else, he might have faced a sudden pay cut or a job loss as well. However, no matter what the reason has been, low credit scores spell some really troubled times for borrowers looking for loans of any kind for the next time. Lenders generally turn down their loan requests as they are not confident about the repayment capacity of the borrower. However, things might be a little easy if the borrower is ready to pay up a huge upfront fee. But what if he is looking to buy a car with bad credit no money down? Let’s find out.
Now borrowers with bad credit, as they have to settle for expensive loans after a few rejections, can salvage the situation a bit by paying down a huge fee. Firstly, it reduces the entire principal that he owes to his lender thereby reducing the rate of interest. Secondly, it helps him to establish an image in front of the lender in terms of his repayment capacity. Now, does that mean that it is completely impossible to buying a car with bad credit and no down payment?
The answer to that would be a “no”. A diligent web search would aid you in finding out about a string of reputed lenders dealing with no money down auto loan with bad credit. Go through the features and services provided by them. Compare the rates of interest provided by each of them to estimate, who among them is providing you the worthiest deals. Private party auto financing can be a feasible option in these cases as you can eliminate the chances of paying up more as the dealership commissions.