"Z (ND + Cancer Fighter)" (roadsterzach) 12/18/2013 at 01:35 • Filed to: None

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I'm going to look at a car tomorrow, and came across the weird train of thought of not putting down a downpayment. Is this even possible when financing a used car? I've always been fairly certain you must have a downpayment to fiance anything other than a new car (which run special deals and such), but my friends say otherwise. Who is right? Could I get away with no downpayment?

Squid > Z (ND + Cancer Fighter) 12/18/2013 at 03:06

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depends on your financier. It may end up being cheaper to shop around for pre-approval for a loan than to finance through the dealer. You can also count on a higher interest rate with nothing down.

Ian Duer (320b) > Z (ND + Cancer Fighter) 12/18/2013 at 03:12

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It's a tough call. I've never financed a used vehicle but I did look into it. Try your bank, depending on the cost of the car it may count as a "personal loan." They may offer a crap deal but it's a baseline that you can hold other financing strategies against. Keep notes and if you're not good at math have someone who is check which is really the best deal.

N51fanatic > Z (ND + Cancer Fighter) 12/18/2013 at 07:57

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As long as your credit worthy, no downpayment is needed. My last 3 cars, last one which was a CPO, no downpayment. Truly just sign and drive.

GLiddy > Z (ND + Cancer Fighter) 12/19/2013 at 09:11

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Do something even more weird, instead of making no downpayment, try making no payments. Pay 100% "down" for the car. Financing is for suckers.