There are an increasing number of auto finance companies dealing with these car loans. The approval process too has been simplified with the coming of the online applications and approvals.
The no down payment car loans are increasing in number over the past couple of years. The banks, credit unions and many auto finance companies are facing stiff competitive business. On the other hand there are an increasing number of car buyers who need vehicles. But the catch being that their savings may have been wiped out. There is no immediate resource to put down any significant amounts of money upfront for the auto finance needed for the new vehicle. Getting a new vehicle for the car buyers trapped in poor credit and having on down payment amounts was really difficult in the past. Many private lenders took advantage of higher interest rates and difficult loan terms.
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The car loans with no down payment were a rarity in the past. This was mainly due to the monopolies practiced by the car dealerships. The auto dealerships had the freedom to mark up the sticker price to increase their profits. This way when customers haggled for reductions they could still pocket more money than they could otherwise. There were many car buyers who could not haggle and get their vehicle price reduced. The car dealership sales person offered to reduce the prices if upfront amounts were paid up immediately. This became the practice for money down auto finance. The car buyers discovered that increasing the down payment got them better deals.
The people with poor credit situation and no savings of any kind can hope to buy car with no down payment car loans. These circumstances were unwelcome in the past. But the new online business practices have revolutionized the auto industry. The auto finance companies and lenders have a tie up with car dealership across the country to get the best competitive offers to the customer’s doorstep. The online applications for a car loan needing no down payment are on the rise. The quotes are sent quickly with no hidden penalties or charges. Even the processing fees are waived off to make the auto deal more attractive to customers.
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The car dealership with no down payment requirements works this way to promote their car sales. The competitive rates in the auto industry have made business tough for many car dealerships. There is an alarming increase in the number of businesses that start up with every new day. Many of these have good support of tie-ups with old and well established finance houses. The auto makers themselves have come out with financial arms auto finance companies to make the auto finance on their own vehicles easier for the customers.
The car sales person working at the car dealership are more concerned with their commissions. They will use every reason to their advantage. The car buyers showing unwillingness to give up upfront amounts for the down payment requirements can be manipulated in other ways. The poor credit car buyers usually could not qualify for the many dealer sponsored auto finance programs. The car dealership could pocket the down payment amounts while the rest of the auto finance was handled by the banks and financial institutions.
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