Requirements Of No Money Down Bad Credit Car Loan

The application requirements for a no money down bad credit car loan vary by lender.

To qualify, you must…

Be a U.S. Citizen
Be 18 years of age, or older
Have a valid driver’s license in your state
Have any bankruptcy on your credit report showing either discharge or dismissal
Have a regular weekly or monthly income, such as a job, social security or disability income

If you meet the above requirements, you can get approved through a special finance company and I’ll cover more details in a moment.

Please be advised that you may be required to pay your first monthly payment at the time that you receive your loan check to give to the car dealer. This is not a down payment, but is a way of keeping your payments ahead one month to avoid delinquency or late charges. Even if your not required to do so, it’s still a really good idea to make that payment early. If you live week to week, or month to month, it’s really hard to get caught up on your bills, once you fall behind. So make that payment early if you can and keep your loan paid a month in advance. That’s good advice.

Special finance companies are auto lenders that specialize in helping people that are considered to be in the “sub-prime” market. These are people that have a credit score ranging from 480 to 600. Simply put, if you want to get a no money down bad credit car loan, you must find a lender that will work with you and your credit score.