No Down Payment? Here’s how you can buy a Car without it!

One thing that remains on the minds of car buyers is solving the dilemma of down payment. Does the dealer require you to make a down payment? Are bad credit car buyers compelled to make a down payment? Is it really necessary? When the issue of down payment is occupying a fair share of your troubles, it is best to address it so that you can move along the process of buying a car.

Why Dealers demand Down Payment from a Car Buyer?

Dealers are interested in selling their cars and earning commission. They do not care how the money is paid? Most dealers have no part in the financing process. If you do not have a pre-approved auto loan, they can help you find an auto loan in the form of dealership financing. But, how much down payment you make is not their concern.

The amount of down payment depends on your loan amount. If the lender approves you for a loan amount that covers the total cost of the car, you do not have to think about the down payment. Usually, lenders offer 70% -80% as LTV for your car. It means you have to bring money for the remaining amount. 

Lenders demand higher down payment when your credit score is not excellent. A bad credit car buyer has a history of missed payments and it manifests higher risk to the lender. In order to reduce the risk factor, he may ask you bring at least 20% down payment. 

What to do when you have no Money for Down Payment?

• Use your Old Car

If you own a car without any lien on it, use it to reduce the cost of your new car. A cash down payment is not necessarily the only option with you. You can trade-in your old car and avoid making down payment to the dealer. If the dealer is offering little for the car, you can sell it online or find a private car buyer to earn more money.

• Ask for Financial Help from Parents

If you are in college or starting your first job, you will not have adequate savings for buying a car. You can ask for financial help from your parents. Many parents intend their child to have a good credit score. They want him to understand the importance of managing financials properly. And, a car can be the best way to teach financial responsibility. So, do not shy away from asking for help.

• Use your Cash Gifts

You may have received cash gifts for your birthdays, graduation, wedding and other important events of your life. You can buy a car by breaking into your savings. Use the cash and reduce the loan amount. If your credit score is poor, it is best to lower the loan amount and thereby pay reduced interest.

• Sell your Stuff

Organize a yard sale or sell your stuff online. It is a way of getting rid of unwanted stuff and earning money from it. Gather all the items that you do not use or will not use in the future. De-clutter your room, clean the garage and remove old items from the attic. You can even ask your family, friends and neighbors to donate their stuff for your sale.

• Pick up Odd Jobs

If you can pick up an extra shift at your current job, consider it for increasing the down payment amount. If you are still studying and cannot manage a full-time job, pick up a few summer jobs to add to your savings. Think of different part-time jobs such as baby-sitting, lawn-mowing, house-cleaning, etc. to earn a few extra bucks. Just as drops can fill an ocean, several different jobs can help you make a down payment. 

No Money Down Auto Loans solve your Urgent Car Buying Need

There are different ways of managing the down payment for a new car. But, every option requires time and effort. If a car is a necessity for you, you cannot wait to save money. When owning a car is the difference between a regular job and unemployment, you must not spend any time in managing down payment. In such a situation, you need a quick-fix solution in the form of no money down auto loans. The loan program helps bad credit car buyers in making faster car purchase. 

Seek online auto financing companies that offer no money down auto loans to bad credit car buyers. It is best to discuss your need for quick approval with the lender. When you are buying a car with no money down auto loan, remember to choose an affordable one. It will ensure a low loan amount and help you to make regular monthly payments.

Do not let your bad credit history a reason for avoiding a car. Forget worrying about down payment. CarDestination.com helps you in obtaining no money down auto loans even with bad credit score. Apply now for a low interest on your next bad credit car loans with guaranteed approval.

Buying a Car after Bankruptcy: Misconceptions vs. Reality

Many people go through financial setback during the course of their life. While some may suffer from a bad credit score, others become a victim to bankruptcy. Usually, a person faces either chapter a 7 bankruptcy or a chapter 13 bankruptcy. A chapter 13 bankruptcy is for debtors who can repay a certain portion of their debt with the help of a repayment plan. On the other hand, a Chapter 7 bankruptcy is useful for debtors who possess little or no disposable income and wish to get rid of their excess unsecured debts.

Many people who file for bankruptcy think it is impossible to obtain additional financial assistance. Misconceptions cloud their thinking and it sways them from the real scenario. However, with the help of certain guidelines and the right mindset, you can obtain an auto loan for buying a car

Buying a Car and Bankruptcy: Common Misconceptions to avoid

1) Misconception: I will not be eligible for an auto loan after bankruptcy. 

Reality: Bankruptcy may be a temporary halt but it is not the end of your financial journey. The common misconception is that a person suffering from bankruptcy will not get approval for any loan. However, the reality is different. A bad credit auto loan is the best option available to individuals with bankruptcy. The probability of obtaining approval for bad credit auto loan increases as the loan is designed for individuals with credit issues. Thus, put your efforts in researching for lenders who provide bad credit auto loans and getting your dream car will not seem like a distant dream.

2) Misconception: Bankruptcy ruined my credit score. Improving it is a challenge.

Reality: A credit score is made up of numerous factors such as the types of credit, amount of your debt, credit history and payment history. The situation of bankruptcy helps you to eliminate most of the elements that create a negative impact on your credit report. Additionally, the debt-to-income ratio of people after bankruptcy is better than the one prior to bankruptcy. Therefore, obtaining an auto loan is a chance to improve your credit score provided you make the payments on time. 

3) Misconception: My purchase options are limited to used cars. 

 

Reality: While it is advisable to be calculative in making future financial decisions, the options of purchasing the types of cars are not limited. A person who recently suffered bankruptcy is open to purchasing new cars as well as old cars. The best alternative to a used car is a discontinued car model. Purchasing a discontinued car model helps you to obtain a new car for a budget-friendly amount. Also, the car dealers are eager to sell the discontinued car model to free their shelf space. Therefore, a discontinued car model will help you stay in your budget and allow you to get your hands on a new car. 

Today, bankruptcy does not carry the negative stigma that it carried two or three years ago. Many lenders are aware that bankruptcy occurs due to business failure, decrease in income, loss of a spouse or any other unexpected crisis. Yet, misconceptions occupy the minds of people and force them to avoid applying for an auto loan. However, with a little market knowledge, enough courage and the right mindset, you can get one step closer to the car of your dreams. 

Applying for an auto loan after bankruptcy is not as difficult as you think! Apply with CarDestination.com and the guaranteed auto financing expert will find you an affordable loan in no time. Get in touch with the company today to bring your favorite car home. Apply for subprime auto financing today.

Dealer: A Friend indeed when you need Auto Financing!

Dealership: A One-Stop Solution for buying Car

A dealer is a link between auto manufacturers and car buyers. He obtains franchise from the auto manufacturer and sells new cars and used cars with the help of a sales team. A dealer possesses adequate knowledge of different car models and provides assistance to the car buyers. In order to increase the sale, he provides auto financing as well. He also promises repair and maintenance services to attract more buyers.

Select a Car at First Glance with Easy Auto Financing! 

With all the selling and negotiation skills on hand, the dealer goes one step ahead to raise the sale. In today’s world of tight budget, it is difficult to buy a car with cash. But with auto financing easily available at the dealership, you can think of buying a higher model of the car. You can sign the pre-requisite documents and obtain financing with the help of a dealer. It means you will be able to select a car without any financial worry and the dealer will make an easy sale. 

Instead of having to go to the bank, the dealer acts as a friend and arranges auto financing for you. Many dealers provide financing to buyers with bad credit score or zero credit history. A BHPH dealer proves to be helpful for those people who are unable to meet the stringent credit standards of traditional banks. However, the interest rates may be high owing to bad credit history. 

Jump for joy while you enjoy Easy Auto Financing

When something is available easily, don’t fall for it! It is because an easy option isn’t always the better choice. When you want to obtain auto financing from a dealer, you have to play smart. Here’s how you can do it:

>>Never pay MSRP and work hard to negotiate a good price for the car.
>>Auto financing from a dealer may be a wrong decision if the interest rates are very high. Ask him to lower the rate.
>>If you have a bad credit score, lower the loan amount with the help of a down payment.
>>A cosigner can help you to improve your credit worthiness.
>>Avoid dealer add-ons to keep the loan amount in check. 

Walk into a dealership lot with a well-thought plan for financing the car. A dealer offers auto financing to achieve sales target and boost up his sale. It gives him a strong handle to provide convenience to the car buyer along with an increased profit margin. And as a car buyer, you are able to buy the desired car even with a bad credit score. So don’t consider a dealer as a devil in disguise. Step into the dealership lot and buy your dream car with a touch of convenience! 

When you want to buy a car and obtain a quick auto loan, CarDestination.com is the perfect expert for you. Work with the bad credit auto financing company and get ready for instant approval in no time. The company is experienced in managing no down payment car financing as well. Apply now to buy a car!

Positive Financial Habits will get you an Auto Loan even with a Poor Credit Score

Do you have a Poor Credit Score?

Reasons such as the innocence of youth, a few late payments on bills, loss of employment or a maxed-out credit card can lead a good person to a poor credit score. It doesn’t mean you cannot buy a new car. But, it means that you need to put in extra effort from your end to avail an auto loan with a poor credit score. 

Lenders give a Hard Time to Borrowers with a Poor Credit Score

Poor credit borrowers suffer because the lenders charge a high rate of interest and offer larger monthly payments in order to balance the risk. If your credit score is not good, the lender may deny you the auto loan. 

Developing Positive Financial Habits can be liberating

When you have a poor credit score, getting approval on an auto loan can be a real problem. So it is important to be prepared. It is wise to educate yourself and do your homework. By educating yourself, you will improve your credit score and also develop positive financial habits. 

Here the question arises: ‘Can you still buy a car?’ The answer is ‘YES’. When you convert your negative habits into positive ones, it is easy to improve your credit score and thereby increase the chances of getting easy approval on an auto loan. 

Take Control of your Negative Habits. Take Control of Your Credit Score

1. Late payments have a negative effect on your credit score. Set up automatic payment option to ascertain timely payments. 

2. An auto loan is secured with collateral. It means the lender can repossess your car if you miss the payments. 

3. When you spend more money than you earn, it will affect your credit score. If you continue the practice, you will be bankrupt in the near future. 

Positive Financial Habits can get you Easy Approval on An Auto Loan

• By using an auto loan calculator, estimate the monthly payments beforehand. It is important to figure out how much you can pay for a car. 
• Don’t assume that you have a poor credit score. Obtain your credit report and check the credit score.
• Set a budget first. A budget should lead the planning of car buying process, especially when it involves high monthly payments.
• Don’t go alone. It is better to take your friend along with you. It will help you in understanding the critical loan terms easily.
• Shop for a shorter loan term. Don’t get distracted by promises of smaller monthly payments spread over a longer period of time because it will definitely harm your financial situation.
• Stick to your price range. When you have already made your budget, paying a little extra may cost you a lot in the end.
• Educate yourself. You should read all the loan terms before signing the dotted line. Ask questions, if needed.
• Always keep a copy of your auto loan contract with you. It should contain all the signatures and the details regarding the loan.
• Try to negotiate. As you have a poor credit score, you won’t be able to negotiate the terms of the auto loan, but you can always negotiate the purchase price of the car.
• Develop positive financial habits. You can do so by making regular payments towards the auto loan.
  

A poor credit score doesn’t mean that the lender will deprive you of an auto loan. It is possible to get an auto loan with poor credit score when you develop positive financial habits. Remember your positive financial habits can help you build your credit score if you pay the full amount on time, every time!

Pennsylvania Car Purchasing Guide: 3 Best Cars Suited For Senior Drivers

The purchase of a new car can be one of the most rewarding experiences one can encounter. Either out of meticulous planning or necessity, every car buyer spends a great a deal of time considering their options while purchasing a new car. However, sometimes finding the right car that fits your requirements can become a tedious task and in Pennsylvania, it is an occasional issue. 

Being the sixth most populous state in the United States, Pennsylvania has a dense population of various age groups scattered across its area. Amongst the different age groups of Pennsylvania, senior drivers find it laborious to search for a new car that suits their specific needs such as appropriate safety equipment and comfort. Therefore, while purchasing a car, extensive research of your options becomes an essential prerequisite. 

So, which are the best cars for senior drivers?

• Ford Fusion Hybrid

Before a few years, the prime reason for buying a hybrid car was its fuel economy. However, the Ford Fusion Hybrid goes one step ahead than providing just fuel economy. With the inclusion of mature technology, the car appeals to the senior drivers as it contains standard equipment. Many Pennsylvanian seniors face health concerns such as lack of muscle strength due to old age. The Ford Fusion Hybrid contains the features of a tilt and telescoping steering wheel which ensures smooth driving. Other senior-friendly features of Ford Fusion Hybrid include automatic climate control, comfortable seat adjustments and Bluetooth control.

• Hyundai Azera

In terms of per-capita income, Pennsylvania ranks 26th amongst the fifty states of United States. Being a well-to-do state, many a times, senior drivers indulge themselves in buying luxury cars and Hyundai Azera is no exception to the fact. Leather seating interiors, glove-box cooler and a total of nine air bags are some of the amenities that impart comfort during driving for senior drivers. Another striking feature of Hyundai Azera is the heated outboard mirror that assists senior drivers with blurry vision in getting a clear rear-view mirror image during cold weathers.

• Chevrolet Impala 2LT

Be it a comfortable interior room, fuel economy or simply a stylish ride, the Chevrolet Impala 2LT checks all the right boxes. Due to old age, many Pennsylvanian seniors face diminishing eye sight. The Chevrolet Impala 2LT comes with an auto-dimming rear view mirror that prevents excess light and fine tunes the glass tint on the rear view mirror, preventing any blind spots during driving. Additionally, the car also includes features such as 8-inch color touch screen and parking assistance. 

While hunting for a senior-friendly car can be a strenuous job, you can narrow down your choices. A Ford Fusion Hybrid, Hyundai Azera and Chevrolet Impala 2LT are amongst the best car options in Pennsylvania for you to consider. 

A guaranteed auto loan in Pennsylvania can make things simpler for you. Do not worry if you are terrified of bad credit. The loan expert will ensure quick bad credit auto loans Pittsburgh and help you buy a car of your choice.

4 Things no one told you about buying Used Cars

Buying a new car has its own advantages. But due to the ever increasing financial woes around the globe and depreciating value of automobile sector, buying a used car has made things simpler. Nowadays, a pre-owned car is being accepted by a large number of car buyers and its sale is not restricted to people with subprime credit. 

How to get the Best Deal while buying a used car? 

Apparently, used cars require more of your attention than new cars. It is because used car buyers have to assume the risk of ending up with a lemon. In order to land up a good deal, the following four things should be kept in mind: 

1. Paperwork

Just because you are buying a used car does not mean that the vehicle should be anything but safe. Certified pre-owned cars make your work easy and provide you with a proof of their proper functioning. The extended warranty that comes with a certified pre-owned car guarantees you of smooth driving for a certain length of time or up to a fixed number of miles. 

2. Overall Look

Focus your attention to the minute details such as dents, scratches, rust, improper alignment of panels during past repairs, paint color consistency, loose doors, shaky hinges, tires, etc. 

Apart from the exteriors, you should pay attention to the interior of the car. Operate and check the crucial parts such as the engine, heater, air-conditioner, music system, brakes, etc. A test drive will be the most suitable option in order to obtain an overall idea of the car. 

3. Price Check

Get an estimated value of the car that you have finalized. It will reveal if the dealer is overcharging you or providing you with a genuine selling price. You can use Kelley Blue Book for finding the estimated value of the car. Remember to go with a printed proof of the price check if the dealer’s price is way more than the market value. 

4. Negotiation

Be willing to use your negotiation skills before agreeing to the price quoted by the dealer. In most of the cases, the prices are set as per the approximate usage of the car and the current market value. Do not be hesitant to quote the price that you wish to spend on the car. You never know, the dealer might just agree and hand over the car to you. You have to make the dealer feel that the cash may go out of his hands if you do not buy his car. 

Before you set out to look out for used cars, keep these four valuable things in mind. It will not only save you a lot of money but also make you an attentive car buyer. Remember that taking time out for doing your homework to buy a pre-owned car will only make you satisfied at the end of the deal. 

Buying a certified pre-owned car makes things stress-free for you. And, if you obtain quick approval on used car loans, the car buying experience can become pleasant. Apply with Car Destination for pre-approved auto financing with bad credit and get ready to buy a used car immediately.

5 important sources to look for that makes you an expert car buyer

Buying a car is not as easy as buying groceries at the mall. One cannot walk in, chose a car, swipe the credit card and drive out with it. You need to analyze the details as it will be one of your most prized possessions for a long time. 

If you want to be an expert car buyer, you need to first decide upon the car model that you wish to buy. It should be in your budget. Once you are sure about the car model, you will have to choose a source for buying your car. There are various sources for buying a car. Ideally, you can look into the following five important sources for buying a car easily: 

1. The Online Market

One of the many boons of the digital era is the huge online marketplace which offers you to browse, and scan cars from the comfort of your home. Instead of going from one dealership lot to the other, you can sit back and go through every car in detail. 

If you know what you are looking for, you can type the exact keywords and refine your search. For example, you can search by brand names to view different car models of a particular brand. 

2. The Dealer

If you wish to avoid the online market, you can have a look at the dealers. 

Dealers offer more car buying options to you because they have certified pre-owned cars as well as new cars in their lot. A certified pre-owned car is a beneficial over buying a new car because you can get the feel of a new car for less amount of money. The additional warranty is another advantage that makes certified pre-owned cars a viable option. 

If you are looking for inexpensive car buying options, you can choose a dealer who provides used cars without certification. But, remember to ask a mechanic to check the car before finalizing the deal. 

3. Buy Here-Pay-Here Dealership Lot

If your credit score is low, it can be an obstacle in buying a car. In such a situation, a buy-here-pay-here dealership lot can offer you a car as well as financing solutions. If you are buying a car from a buy-here-pay-here dealership lot, you need to run a background check and make sure if the dealer is worth trusting or not. 

4. Private Party Seller

Some of the most crucial and extensive checks are required when buying a car from a private seller. The seller can be questioned for all the repairs that have been done in the past and the working condition of the car. Quick checks on your own, such as a test drive at different speeds, checking for the functioning of brakes, gears, engine noise, seat-belts, road safety certificates, etc. must be done. 

5. Miscellaneous Sources

You can also buy your car at an auction. Recently, interest in such auctions has increased due to stagnation of economy and stricter credit rules. Many a times, high-end cars are sold at auctions at a very low price. It may not be possible to get such cars for a test drive, so it is advisable to take a mechanic with you for appropriate inspection. 

Once you finalize the ideal car, you can keep in mind these five major sources for buying it. Remember that an expert car buyer is careful and investigates both the sides of a coin and look into the pros and cons of every source available. 

As an expert car buyer, you must not forget about obtaining an auto loan for your car. Once you have decided on the source of buying a car, apply with CarDestination.com and enjoy guaranteed auto loan approval. The company will find you bad credit dealership financing in no time.