Used Car and Truck Financing By Nicholas Carn |
| CARN AUTO SALES |
Some of the most frequent questions we encounter concern financing of used cars and trucks. One reason for the
confusion is that there is no easy answer (and certainly no single answer) to the question. Carn Auto employs the
services of over ten lenders and uses on-lot financing to try to make used vehicle financing as simple as possible.
Customers are often concerned about down payments and monthly payments more than any other aspect of the
purchasing decision. Let's talk about down payments first: There is no fixed amount that must be put down on a used
car or truck to secure a loan. We have several lenders that will finance 100 percent of the purchase price. There is a
catch, however. The catch is that the buyer must have a better than average credit rating to qualify for a no down
payment loan. Lenders see the down payment as part of the security for the loan. That is, if the buyer puts more
money down then he/she is seen as more likely to pay for the car or truck. Therefore, from the lenders point of view
the higher the credit (Beacon) score the lower the down payment required. In review, it is entirely possible to
purchase a used car or used truck with no down payment.
You may be curious as to the amount of down payment for a used car or used truck loan for those with below
average or bad credit. The answer is: that depends. Things like stability (time on the job, time at the same
residence) count for a lot. The fact is that you are selling yourself to the lender when you apply for a loan. The better
you sell youself, the better term you will get. Carn Auto Sales structures your application is such a way as to present
the best possible view of you to the lender.
If your credit is bad or you have had a repossession or you have had a bankruptcy, you may still qualify for a car or
truck loan. The key here is down payment. You must convince the lender that you have turned the corner and now
are ready to take care of your obligations. The best way for you is to show that you have saved some money and
can noe put a nice down payment toward the car. The amount is not fixed but think in terms of $1500 to $2000 or
more.
Interest rates are like down payments. The better your credit the lower the interest rate will be.
confusion is that there is no easy answer (and certainly no single answer) to the question. Carn Auto employs the
services of over ten lenders and uses on-lot financing to try to make used vehicle financing as simple as possible.
Customers are often concerned about down payments and monthly payments more than any other aspect of the
purchasing decision. Let's talk about down payments first: There is no fixed amount that must be put down on a used
car or truck to secure a loan. We have several lenders that will finance 100 percent of the purchase price. There is a
catch, however. The catch is that the buyer must have a better than average credit rating to qualify for a no down
payment loan. Lenders see the down payment as part of the security for the loan. That is, if the buyer puts more
money down then he/she is seen as more likely to pay for the car or truck. Therefore, from the lenders point of view
the higher the credit (Beacon) score the lower the down payment required. In review, it is entirely possible to
purchase a used car or used truck with no down payment.
You may be curious as to the amount of down payment for a used car or used truck loan for those with below
average or bad credit. The answer is: that depends. Things like stability (time on the job, time at the same
residence) count for a lot. The fact is that you are selling yourself to the lender when you apply for a loan. The better
you sell youself, the better term you will get. Carn Auto Sales structures your application is such a way as to present
the best possible view of you to the lender.
If your credit is bad or you have had a repossession or you have had a bankruptcy, you may still qualify for a car or
truck loan. The key here is down payment. You must convince the lender that you have turned the corner and now
are ready to take care of your obligations. The best way for you is to show that you have saved some money and
can noe put a nice down payment toward the car. The amount is not fixed but think in terms of $1500 to $2000 or
more.
Interest rates are like down payments. The better your credit the lower the interest rate will be.