It is no secret. Buying a car requires money and at least some sort of credit history. If you're nervous about your chances of getting a used car with bad credit or securing in-house financing to get a used car from a used car lot - you don't need to be. There are dealerships out there that help customers who need to build or rebuild credit and they are willing to do so with little to no down payment. Drivers Lane understands how hard it can be to find a no down payment used car or even a 500 dollar down car. If you find yourself dealing with a bad credit situation or in money troubles then a 500 down car can be right for you.
500 Dollar Down Cars
Do these really exist? Are they a scam? We hear these two questions a lot and we hope to shed some light on them. Yes these cars do exist and no, they are not always a scam. We do have to disclose that there are some shady dealers out there that will take advantage of their customers. Drivers Lane works hard at partnering with dealers that are able to work with a wide range of credit situations when buyers are matched with a local 500 dollar down car lot near them.
In most cases, buyers will be matched with an in-house financing car lot or a buy here pay here car lot near them to give them the best chances for getting a 500 dollar down car or a no money down car. A buy here pay here car dealer does not use third party lenders and they finance their own cars. You will buy the car and arrange all the terms right there with the dealer. The biggest advantage to these types of dealers is that they do not usually care about your credit score, as long as you can make the payments.
500 Dollar Down Car Lots Near You
If you're looking for a 500 dollar down car near you then you've come to the right place. Drivers Lane connects hundred of customers to 500 dollar down car lots and no money down used car dealers near you. The process begins with you going through our secure online request form or searching for 500 dollar down used cars near you. We help people with bad credit get auto financing and get connected with local 500 dollar down car lots near them.
What to Know before You Go
Before you run off to the dealer we connect you with, you should know the basic requirements for most lenders. Even though you're searching for a 500 dollar down car some of them may take effect if your credit is less than perfect and you're applying for auto financing. These are some of the basic bad credit auto loan requirements:
- $1,500 minimum monthly income
- Six months at current employer and three years of consistent work history
- 10% or $1,000 for a down payment, whichever is less
Finally, you should do your research! The dealer we connect you with will typically offer in-house financing, so make sure you know what to expect when going through the process. Finding the best 500 dollar down car dealer to work with is only part of the battle but knowing the lingo they use and terms they offer is the other half. You should communicate with the dealership and ask them questions like:
- What is the interest rate?
- What is the length of the loan?
- Do they report to credit bureaus?
- Is there a possibility to refinance when your credit improves?
These questions will vary depending on the dealer, so make sure you do your research and ask the right questions.
Car Buying Mistakes to Avoid
Anyone can make mistakes when buying a car and they can be extremely costly - even in the range of thousands of dollars. With any major purchase, it pays to be as prepared as possible before making such a commitment, especially when it concerns your finances.
The three car buying mistakes to avoid are:
- neglecting to do research
- rolling extras into your loan
- focusing only on the monthly payment
The biggest of the three that can cost you money is focusing only on the monthly car payment. It's very important to budget properly, but if you walk into a dealership and tell them how much you can effectively afford each month they will work their deal out so that they make as much money as possible out of your monthly payment.
In many cases they will extend the length of your loan causing you to pay even more in interest charges. Try to avoid rolling any extras into your loan. The extras can consist of taxes and title fees and added vehicle options. By adding these into your loan you will increase the amount owed and, over time, increase the total interest paid.
Having Trouble Finding a Dealer? Let Drivers Lane Help
Be aware that it can be hard to purchase a used car with very bad credit or even no credit at all. We have an easy to fill out online auto loan request form that will allow us to match you with a 500 dollar down car lot near you that has the lending options available for bad credit car buyers.