When you apply for a car loan, this little ugly devil sneaks into the deal. Down payment is often considered a pain by Rhode Islanders. Even though, it is essential for lowering loan rates but most often, car buyers simply don’t have the resources to put money down. What should Rhode Islanders do in that case?
Well, you are lucky that you live in Providence. There are many no down payment alternatives for the residents of the Capital City. You can choose any one of them according to your requirements.
Creative Alternatives to avoid Down Payment
When you live in the Creative Capital of the State, you sure need creative solutions to your “no money down” problem. Here are few inventive auto financing alternatives for your down payment crises.
Trade-in
Making a trade-in is a great substitute of down payment. If you have an old car, you exchange it for a new one. The Providence dealer will deduct the value of your old car from the new vehicle. This way there will be reduction in need of down payment.
Remember that your old car should not have any lien. If you still have to make payments on the car, using it as a trade-in won’t offer much benefits.
Cash Rebates
When you buy a new car, manufacturers often provide incentives in form of cash rebates. You can ask the dealer to direct the rebate amount towards down payment.
Search for car models that provide the highest cash rebate amounts in Rhode Island and choose one from them. This way you will be able to make a higher down payment.
Collateral
You can use your home, another car or any other property as collateral. When you add collateral to the Providence car financing deal, the lender’s risk is reduced. This means you get quick approval and lower rates. These are the same benefits that money down can provide you.
Buying a Used Car
Another way of avoiding down payment is purchasing a pre-owned automobile. As a used car is available at low price in the city, its total loan cost will also be on the lower side. Making monthly payments will be easy on a used car loan, rendering down payment useless.
What if the above mentioned Options are not useful?
If you think that trade-ins, rebates any other alternatives are impossible for you, you can opt for the most recent innovation of Providence auto financing industry. Apply for no down payment auto loans Providence and make car buying possible.
No money down car loans program is available in Rhode Island. And, when you live in the capital city of the state, there are innumerable lenders and online auto financing companies to choose from.
Remember to check your credit score before submitting the Providence, RI no money down auto loans with bad credit application form. If you have bad credit history, you will have to apply with a sub-prime lender.
Requirements for getting No Money Down Car Loans
1. Valid SSN
2. Minimum 18 years of age
3. Regular Income
4. No Repossession in recent past
5. No Open Bankruptcy
The requirements for getting an Rhode Island auto loan without down payment are pretty simple. Lenders just want to judge your financial stability. If you have been making regular payments in the past, getting no money down car loans will be extremely easy.
So, that’s how you can avoid down payment in the city of Providence. Hope this article benefits you in your car financing pursuit.
All the Best!
