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Do I need to have a down payment to get a car loan?

I want to take out a loan for a new car, but I’m concerned that I won’t be able to afford a down payment. Can I still get a car loan without a down payment?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s still possible to get a
car loan
without making a down payment. However, you might have to pay a higher interest rate.
There are many benefits to making a down payment on a car loan, including:
  • Paying less interest
  • Offsetting depreciation
  • Lower monthly payments
  • Bettering your chances of approval
Keep in mind that you will also have to purchase full coverage car insurance when you take out a car loan. You can quickly and easily find savings on full coverage insurance by comparison shopping with the
Jerry
app. Sign up for free to compare quotes from over 45 different providers.
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