If you are searching for “guaranteed auto loans bad credit no money down” in Phoenix, AZ, then this post will help guide you through the process! Great Deal Auto offers buy here pay here financing for used vehicles on approved credit (OAC) for as low as $500 down. This is one of the few auto dealers that offers this financing for its valued customers looking to drive off the lot today!
Bad Credit Auto Loans With No Money Down
Most bad or no credit car dealerships will offer financing options as long as you make enough income. The good news is not every single customer with bad credit has to put $500 down at the time of sale. There are a few ways you can avoid putting $500 down on the used car of your choice.
Here are a few tips on how you can get an auto loan with low or no money down:
Job History
Like most loans, any auto dealer will want to see that you have held down your current job for a decent amount of time. This is to see how reliable you are; can you make your payments on time? If you frequently change jobs, this lessens the possibility that you will be approved. Always come prepared to show your last few paystubs for proof of employment.
Bank Account
Having an active bank account where you can deposit employer’s checks is always helpful in the eyes of a lender. These lenders do like to see a brief history of successful transactions in your account.
Trade-In Vehicle
Not many people know that you can actually use your trade-in vehicle instead of cash as a down payment towards a car purchase. For many prospective car buyers, this is one of the best options possible.
Credit Card
Get a small line of credit by getting a credit card and paying off bills each month. Any form of positive credit will do wonders for your chances at a loan. If you have consistently paid off your credit card month-by-month, your chances at receiving a loan will increase.
Residence History
Residence and employment history are the first two factors that lender will look into before giving out an auto loan. Chances are you will get approved as long as you’ve lived at your current address for at least one year. Lenders will become concerned when they see you have not had a steady home with multiple addresses. A current power or water bill will work as proof of residenc
Find Buy Here Pay Here Dealerships In Phoenix, Arizona
When bank or credit union lenders won’t loan you money for a vehicle, BHPH dealers are willing to put you behind the wheel today. If you live in the Phoenix, Arizona area and are wondering if a buy here, pay here car dealer is right for you, stop by In-Power Motors. We are a buy here pay here dealership in Phoenix, Arizona ready to get you driving today.