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What is a Good Credit Score to Buy a Car with No Down Payment?

If you do not have a down payment for the car you wish to buy, can you still get the vehicle? Many Rockland, Plymouth, and Weymouth, Massachusetts, shoppers may be wondering about this same issue. MINI of Rockland can tell you what credit score you need to buy a car so that you can finance your car with confidence.

 
What is a Good Credit Score to Buy a Car?

Before we dive into buying a car without a down payment, let’s talk about credit scores.

A credit score determines how likely it is that a borrower will pay back the loan. The score considers all your debts, open and closed, and reviews how they’re being handled. So, it will be a major factor in determining if you will get a loan or what types of interest rates you’ll receive.

FICO credit scores range from 300 to 850. Less-than-perfect scores fall between 580 to 669. Many shoppers may not know their scores until they want to finance a car or another high-investment item.

How to Buy a Car Without a Down Payment

You can buy a car without a down payment, but you need to follow the tips below.

Pay a Higher Monthly Payment

Adding a down payment can significantly reduce your monthly car payment. If you do not put one down, your payments and interest rates will be higher. Keep this in mind when you’re adjusting your budget or figuring out how much you will spend on the car that you want per month.

Improve Your Credit Score

You may already have a great credit score, which usually means that it's 680 or above. Aim to improve your credit score even more by paying your bills on time and more than the minimum payment. Make sure that you avoid applying for too many credit cards, which can lower your credit score.

Get a Co-Signer for a Loan

Getting a co-signer for your loan can make it easier to get one and pay less for your car. This can help if you have a low credit score or are new to auto financing. Remember, though, that if you default on the loan, your co-signer will be responsible for the debt.

Shop Around for Lenders

Different lenders offer all types of payment options and interest rates, so it may be a good idea to shop around. That way, you’ll get the ideal rate for your needs and a loan that you’re comfortable paying down.

 
Saving Up for a Down Payment

Do you really need to buy a car right now? It may be best to shelve buying a car until you do have a substantial down payment.

You can open a dedicated account to save money for your down payment. Take a small percentage of your paycheck or eliminate extras such as going out to lunch every day or getting a coffee at your favorite coffee shop. It may take longer, but if you can wait, a down payment can significantly reduce your payment.

Finance a Car at MINI of Rockland
 

With a good credit score, you can buy a car with no down payment at MINI of Rockland. We hope that this helped you and other Rockland, Plymouth, and Weymouth, MA, shoppers figure out what’s best to do when financing a car. For more information, schedule a financial consultation.


MINI of Rockland 42.167288, -70.899327.