If you need a car suddenly, you may not have the money saved for a down payment. Consider a trade-in or a co-signer as an alternative for a down payment Whether it’s due to an accident or a vehicle that seen its last drive, we can’t always plan when we buy our next car. And even when you do, sometimes affording a large down payment is simply out of the question. But there are other options to consider.
Possible Down Payment Options
If you are in need of a car quickly and you can’t come up with a down payment, consider these two options for your car buying needs.
- Trade-In a Vehicle
Your current vehicle can act as a down payment. You’ll want to check its value before you bring it in. Keep in mind that if it’s not paid off, the value will need to be more than you owe for this to benefit you.
- Have a Co-signer
Another way to possibly save on your auto loan is by having a friend or family member agree to be your co-applicant. This will assure the lender that your regular payments will be made on time. However, you should never rely on your co-signer for your monthly payments.
Don’t Let a Lack of Down Payment Hold You Back
Many consumers have been led to believe that only those with perfect credit can get a car loan with no down payment. When you work with the Overdrive Automotive Center, you will find that options exist for you too. We work with lenders that specialize in bad credit auto loans, and they can help you.
So, if you’re in need of a car, truck or SUV, complete our quick online application and our expert staff will contact you promptly with great news and ways to get you back out on the road again.