Can I get a used car with no cash down?

No Cash Down Used Car Purchase

 Buying a Dream Car without a Dime in your pocket

 

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Most used car buyers think you need about 20% down either as cash or trade in to qualify for used vehicle financing. Paul Blanco's Good Car Company would like to dispel that misunderstanding by showing you have to qualify for that Honda, Toyota, F150, Tahoe of your dreams even if you don't have 2 nickels to rub together.

So what is the secret to pulling this off? First thing is I would recommend you use a dealer, Paul Blanco's in this case, who specializes in such sales and financing agreements. You see Blanco's understands that the reason a lender requires a down payment is to gain a competitive equity position should anything unfortunate happen and the vehicle be foreclosed upon leaving the bank with an asset that must be disposed of. At a price that may not cover the outstanding balance. To reduce or close that gap the lender wants a cash investment reducing the potential loss.

But Blanco's Good Car Company has figured a way around that loss potential so that the bank or lender is secured and therefore requires no money out of pocket upfront. A  4 step process.

First the Good Car Company employs a full time staff of aggressive buyers who scour the country looking for bargains, buying only those vehicles that are cheap relative to the book and or loan value. Therefore the banks equity is built in, so to speak, because Good Car Company can sell them cheaper since they bought them cheaper. Your down payment requirement is absorbed in the low initial sales price. Then the Good Car Company makes special arrangements to procure inexpensive gap insurance to close any potential loss to the lender. And this rediculously inexpensive coverage is rolled into the payment. again requiring no cash up front commitment. Next the Good Car Company has further arranged a deferred payment agreement. Offering terms in the rare cases a down payment might be needed.

No Money Down on Honda's

Also, the Good Car Company specializes in only those hottest, most in demand vehicles that HOLD THEIR VALUE so the bank is content that the equity is always there. Toyotas, Hondas, even BMW's. And of course they look for low mileage and that holds value.

But I didn't account for possibly the biggest advantage of all to buying your vehicle from Paul Blanco's good Car Company. Paul Blanco's refuses to put vehicles out on the road unless they have been completely serviced by their professional shop. And in case of breakdown they offer warrenties therefore there are no nasty surprises for Good Car Company customers.


Lenders know this plus Blanco's does a big volume of business and that in and of itself makes banks more flexible with Blanco's portfolio of business. At the end of the day The Good Car Company's portfilio performs for the banks because of the types of vehicles and the quality of the vehicles so yes Paul Blanco's is a preferred client of the banks and buying from The Good Car Company makes you a preferred buyer.

Read more about: Auto Financing terms

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Frank Creech - Auto Guru
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