Get a Car Loan With Poor Credit and No Money

Get a Car Loan With Poor Credit and No Money
Getting a car loan with poor credit and no money is possible. The good thing about this kind of loan is that it's a secure loan. A secure loan is a loan that is granted based on collateral or something of value. In this case it would be the car you will be purchasing.

Car loans are one of the easier loans to get for the fact that they are secure loans, banks feel the risk in loaning an applicant the money to buy the car are not as high compared to if there was not collateral. After all they can repossess the car if you fail to keep up your payments at anytime.

To qualify for a car loan the main factor is your job or prove of income. They want to make sure you will be able to afford the payments on your new car when you get approved for it. Having poor credit will not necessarily mean you will not get approved but you will have a higher interest rate because the bank will put you in a higher risk bracket.

You can also get approved for your car loan with little or no money out pocket, usually with used cars more so than new cars. If you are in the market for a car and do not want to make a down payment, I would suggest you look at used cars. New car dealers will require some form of down payment on their new cars in stock.