Getting a new car can be an exciting experience. But when it comes to finding the best car financing option for those with a low down payment, it can become a daunting task. Trying to find a way to drive off the lot with your new car without having to make a large down payment can be a challenge, but it doesn’t have to be. In this article we will explore car financing options for those who have a low down payment. 1. Credit Union Auto Loans – Credit unions typically offer better terms than traditional auto loans, and many will approve auto loans with low down payments.
2. Carvana – Carvana offers full auto loan financing for as low as $99 down. Carvana also allows customers to trade in their old vehicles for a credit toward their purchase.
3. Used Car Financing – There are plenty of used car dealerships and independent sellers that will let you finance a car with a low down payment.
4. Cash Deals – If you can come up with the cash, you may be able to find seller that are willing to negotiate a lower price if you pay with cash.
5. Subprime Auto Loans – There are plenty of subprime lenders that are willing to finance people with credit challenges. The amount of down payment and interest rate will depend on your credit situation.