Orlando, Florida is the Theme Park Capital of the World, and to get to every attraction you certainly need a vehicle. You may have seen some used car lots along Colonial or the OBT, but which one can get you the financing you need if you’re on a budget?
What about 0 Down Car Loans?
You may have seen advertisements around Orlando that say “zero money down when you buy X vehicle.” The issue with no down payment loans is that they’re more difficult to get approved for when you have bad credit – and lenders don’t usually disclose this information in bold print. The reason why is because subprime lenders almost always require a down payment. Although the minimum varies, lenders who work with bad credit car buyers in Orlando typically ask for $1,000 or 10 percent of the vehicle’s selling price down, whichever is less.
You could finance a car and only need $500 to cover the down payment requirement. But even if you only put the minimum amount down or you’re able to qualify for a zero down payment auto loan, making a sizeable down payment comes with more benefits than you’d expect. Putting more money down can:
- Improve your chances of approval
- Lower your monthly payment and interest charges
- Allow you to shorten the loan term
It may feel like a waste of money, but a down payment is there to help, not hurt you. To learn more about down payments, read up on down payment benefits here.
Buy Here Pay Here Dealers in Orlando
Buy here pay here (BHPH) dealers around Orlando offer in-house financing, meaning you can purchase a vehicle and apply for a car loan all in one place. It’s also easier to get approved for financing at one of these dealerships, since they typically don’t run credit checks. Instead, they base a loan approval on your income.
Although it’s easier to get financed, you do have to make a down payment. Depending on the vehicle you finance, the down payment could be more than what you’d need through a subprime lender. In addition, the cars on these lots are older and have higher mileage, so you aren’t going to get a brand new vehicle. But, for fast financing, BHPH lots are a great alternative to subprime car financing.
Ready to Finance a Car in Orlando?
Don’t get caught driving around Orlando from dealer to dealer only to be turned down for financing. At Drivers Lane, we take the stress of finding a dealership out for you. We work with a network of special finance dealers in and around Orlando that work with lenders who can help get you approved for an auto loan. It can be frustrating to figure out where to go when you have bad credit, but with our help, you can be matched with a local dealership that’s right for you. There’s no obligation to buy, and our service is always free. Don’t hesitate any longer – get started by filling out our car loan request form today.