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Can I get a car loan with no down payment?
I want to get a car to get to my new job, but I don't have any money to put down on the loan. Can I still get the car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Great question! If you have a good credit score and steady income, lenders may consider you for a
car loan
with no down payment.However, you should strongly consider saving up for a down payment for a few reasons:
- Lowering your monthly payments and the amount of interest you pay over the life of the loan
- Increasing your chances of acceptance
Ideally, you would want 20% for a down payment, but any amount is better than no down payment. On average, car buyers in 2020 put down 11.7%, so that might be a good goal to shoot for.
You may also want to consider a used car or a new car with a lower price tag. This will lower the amount you pay on the loan in interest, and can lower your down payment amount as well as increase your chance of approval acceptance.
Once you’ve chosen the car you want, let
Jerry
help you find the best insurance. We’ll get you personalized quotes from top insurers in seconds, so that all you need to do is choose the plan that works best for you. And once you’ve done that, we’ll even help you switch!Happy shopping!
View full answer
- Gregory R.
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