Buy Here Pay Here Minneapolis, MN

About every 36 months, most of us fantasize about buying a new or used car, especially if we could find online used car loans with no money out of pocket. Having a newer car will make it easier for you to get to your job and not have to worry about whether or not your car is going to make it. Unfortunately, not everyone has a lot of cash money on hand in these trying times. There are ways to be able to get a car loan with no money down, but there are certain requirements that need to be met in order to achieve this. First, we recommend that you have an excellent credit score; at least 700 or above. Second, you must have excellent credit history over a long length of time that shows you have paid all of your obligations on time most every time. Third, you need to have steady income, stable employment with no job hoping in the past couple of years; this shows lenders that you are stable in your employment. The final step is that you need to have stable housing environment; this shows the car loan lenders that you have a stable home life and are not a risk of moving out of state and being delinquent on the loan. No Money Down Auto Lender Criteria

Credit Report	If you had credit problems in the past, auto lenders prefer if they can isolate you bad credit problem to a specific period of time. They shy away from people that have had several credit issues spread over a long period of time.
Length of Employment	People that have been with the same employer or in the same line of work for several years get approved for no money down auto loan more often than people that don’t.
Area Stability	The same hold for where you live. Auto lender prefer people that have lived in the same area for a number of years. If they see several states of residence listed on your credit report it scares them.
Debt Ratio & Disposable Income	How do you monthly obligations compare to your monthly salary? Lenders pay close attention to this number. It does not matter to the lender how much you make, it’s what left over after paying all your current obligations that counts.
Loan Amount versus Vehicle Value	To get approved to buy and finance a car with no money down the lender typically has to lend the borrow more money than the car is worth to pay for the sales tax and other fees not included in the vehicles sale price. Only people with higher credit scores are eligible for this type of over advancement.

If you have no money down and a credit score under 700 there still are chances you can buy a car. If this is the case for you, you have to be extremely flexible on what you are willing to drive. The lenders will not change their lending practices just to help you buy a car with bad credit and no money down because you are good person. They will only lend you what they perceive the value of the vehicle and not the extra money to pay the government their share of the transaction. So the car dealer will have to get you a great deal on a car you want to buy, and give some of their profit away.