There are times in life when your credit rating is low, but buying a car can’t wait. Moments even when you have no money for a deposit. Not ideal, but fortunately, there are lenders who are willing to help many consumers in this situation to, a full spectrum online lender, is one of them. Since each consumer’s position is different, we cannot offer a bad credit car loan without a down payment. However, we have extensive experience working with customers with bad credit and allow them to finance a car with little or no down payment. And maybe we can do it for you too.

Before applying for a loan, it is helpful to provide you with useful information so that you can consider your options.

Exchange of accounts

Please note that the exchange value of your purchase is considered an advance if you currently have a car to exchange. Check the current trade-in value of your vehicle on websites such as to see what you can get.

A deposit can make a difference

If possible, a down payment is worthwhile, as it reduces the loan amount and lowers the total cost of financing. Twenty percent is generally considered a good down payment for a car, but even many buyers with good credit don’t make that kind of money. According to Edmunds, the average for new and used cars is 12%. Let’s see what a difference it could make.

For example, a car buyer has a used vehicle in mind for $15,000. With an annual percentage of eight percent, a term of 60 months and no deposits, the total interest charge is $3,249, which brings the total cost to $18,249.

However, adding a deposit of $1,800 reduces the loan amount to $13,200 and financing costs to $2,859, which represents a useful savings of $390. The total cost of the loan is now only $16,059. What about monthly payments? No deposit would be $304, while $1,800 in advance would be $268.

A small amount could help

There is no written rule on what a deposit should be, and ultimately what a lender can pay and what is accepted. For example, even a small deposit of $500 can help secure credit approval. At, we try to offer a number of options to consumers with bad credit and limited funds available for a down payment. Since each loan request has its own circumstances, a person with a FICO credit score between 550 and 650 can qualify for a deposit of only $500 or sometimes a void deposit. But remember, if a loan is approved, more initial money could improve conditions like a lower APR.

Get a fast loan decision

Check if you qualify for an online car loan. Our short application takes a few minutes and we make immediate decisions. If approved, you will receive several offers tailored to your needs. Simply choose the best and buy a car with confidence and proof of credit.

Apply for a car loan online.

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