Thursday, April 25, 2013

Buy a car with no money down - Certified cars and trucks

How to Buy a Car With No Money Down

It's Much Easier Than You Think


So your car won't go and you've got no dough. And catching a bus gus is just not in the cards. So whatta you do? Well if your credit is perfect and you've got a long term, well paying job then you've got no problem. Just walk into any new car dealership and pick it out, sign the financing papers and go. But for the other 80% of us who don't fit that demographical profile then it is a bit more complicated. Not impossible but slightly more challenging to say the least. But hang with me.

You could do several things including going to a dealer who specializes in tough finance cases and ask to see only the vehicles that are slow to hard sellers for a dealer to move off his lot and explain to the sales person that you are broke and need to purchase something that is "way back of the book" so to speak. That means that it is on the lot for less than the retail value due to being a non-desirable unit. That in and of itself is why you probably, unless you are on the other side of desperate, reluctant to consider this path. Second thing you might be able to pull off is to give the dealer what is referred to in the industry as a "pickup payment." That means at some future time, pretty quick in most cases, you agree to make an extra payment which is roughly the equivelent of a regular down payment to the dealer. It is all recorded and contracted and is perfectly legal upon the dealer notifying the lender. Problem here is you currently have no cash and why would you come into a windfall in say, the next few weeks. You're not likely too so this is probably a bad idea and a sure way to quickly default on the loan terms and lose your car.

So that leaves us to what I would recommend. Find a dealer who sells in volume and make that volume of business work for you. There's safety in numbers and lenders will tend to advance more easily to clients of the dealerships that give them a large amount of finance contracts on a monthly basis. The lender makes his money making loans. The dealer makes his money selling cars so each benefits when they both give each other a huge share of their business and do a lot of business.

Bottomline is lenders are reluctant to turn down a customer of a volume dealer that is favoring them with  a ton of contracts. One such dealer I like and favor is Paul Blanco's Good Car Company. First of all these folks are huge. They have dealerships all up and down the valley from Sacramento to Fresno and most stops between. As well as opening soon in LA. And each of these stores sell tons of hot selling Hondas, Toyotas and other hot movers that the banks enjoy having on their books since these tend to retain their value better and insulate the lender from possible losses.

Aside from that Blanco's volume operation is hard to beat since the lender is very reluctant to tell The Good Car Company no since he has access to over 100 lenders beating his doors down to get his finance contracts. So click on and go by the nearest store and tell the salesperson up front. I want a great car in a desirable model, and I want to finance with no money down and let these folks handle it for you. Done Deal!

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Frank Creech - Guru
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