If you want to buy a car and you think about getting a loan, but you don't have an amount of money to give up. Know that no down payment can be a good solution.
However, a down payment, like any other type, has its advantages and disadvantages. So check out now how it works and if it's really worth it!
How to make a down payment?
First of all, to make a no down financing, you need to research which are the best companies that offer this type of services, for example, well-known banks in the market.
After that, you need to contact the company that will carry out the financing and when your request is approved, you will need to commit to pay a monthly installment of this financing.
Where can I get a no down payment?
You can do this type of financing through car dealerships or stores. Or, you can apply to banks, if you have a credit score (between 600 and 800 points) and your registration needs to be approved, which may take a while.
Therefore, when looking for financing without down payment, remember to look for a reliable company, such as banks and dealerships known in the market to avoid headaches.
What types of financing are available?
There are some types of car financing such as Leasing, Consortium and CDC. In Leasing, you start paying the financing, but the car will only become yours when you finish paying the installments.
already in Consortium, the customer proposes to pay a certain price range for the car and model he wants and there are great chances of being considered before finalizing the payment.
There is also Direct Consumer Credit (CDC) is a type of financing in which the buyer will pay the value of the product in installments and can already use the good, even if he is still making the payment.
What are the advantages and disadvantages of a down payment?
One of the main advantages, as we mentioned earlier, is that you don't have to pay any entry fee. Since generally, in other types of financing, you must pay at least 20% of the value of the car.
In addition, it is a good option for those who urgently need to buy a car for work or any other reason.
However, the disadvantage is that financing without down payment is usually one of the most expensive, because the amount of interest and installments payable are higher because the customer goes from somehow “borrow” the money to buy the car.
