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Ohio No Down Payment Auto Loans

Ohio No Down Payment Auto Loans 

How To Get Approved with Zero Down

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Best Auto Loans with No Money Down Available


Best Overall

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    • Up to $99,000
    • Term: 24 to 84 months
    • Great Customer Service

APR From: 2.4%


Best Selection

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    • Up to $80K
    • Term: 24 to 84 months
    • No Repayment Fee

APR From: 2.8%


Best Rates

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Consumers Credit Union

    • Up to $250K
    • Term: 12 to 84 months
    • No Repayment Fee

APR From: 6.4%


Best Experience

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    • Up to $100K
    • Term: 24 to 84 months
    • Refinance Available

APR From: 2.94%


Best Reviewed

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Auto Credit Express

    • Up to $40,000
    • Term: 24 to 84 months
    • Great for Bad Credit

APR From: 3.9%

How Does Down Payment Work? 

A down payment is a sum of money the buyer pays at the time of taking out an auto loan before financing the rest. Typically, a down payment is a certain percentage of the car's price that you pay upfront. This is usually 20% for new cars and 10% for used cars. However, the rising car prices have made these down payment amounts hefty, often stretching buyers' budgets.


A down payment can lower the principal or amount financed in the loan, this will mean lower payments, and less interest paid.


For example, say you have a 5-year auto loan for $20,000, borrowed at 6.3% interest; a down payment of $5000 would lower your payments from $390 a month to $292 per month.* To see other down payments and terms Check out our Free Auto Loan Calculator.

Why do I need a down payment?

The main reason that dealers ask for down payments is that it reduces the risk to the lender. In other words, if you have non-prime credit, a down payment would lower the amount the lender stands to lose if you default on your loan. A down payment can also help you get approved for the right vehicle. if the amount you are approved to borrow is less than the cost of the desired vehicle, a down payment could make up the difference in order to secure your approval.

Down payments are an good way to improve the terms of your loan and lower your monthly payments, especially if you have bad credit. Not only will a downpayment lower your monthly payment, but it will also help shield you from depreciation. Financing the entire vehicle can make it more likely that you may become "upside-down". In other words. you owe more on the loan than the value of the vehicle.

How Much Should I Put Down on a Car?

It is recommended to try and put at least 20% of the total price down on a new vehicle or 10% on a used vehicle. However, the amount of your down payment should be decided on a case-by-case basis.  

When budgeting for a car loan it is recommended to pay no more than 10% of your income every month for your vehicle loan payment. Beyond just getting you approved the best use for a down payment is adjusting your monthly payment to fit your budget. 

For example, say you have budgeted $200 per month for your auto payment. Your desired vehicle costs $14,000. You are approved to make payments for 60 months at 3.5% interest bringing your total monthly payment to $259.

Lowering the principle around 20% by putting $3000 down brings your payment over 60 months to $202. Allowing you to purchase your desired vehicle within your budget



           Budget: $200/per month

           Terms: 60 months at 3.5% APR


           Vehicle cost: $14,000

           Monthly Pmt: $259
           Down Payment: -$3,000

           New Principle: $11,000

           New Payment: $202

How to Get an Auto Loan with No Down Payment

​If you cannot afford a down payment or simply want to finance the whole of your vehicle you may want to learn how to avoid making a down payment on your next vehicle. The terms of your loan, in particular of your approval would mainly depend on your credit score. Boosting your score is the best way to avoid or lower down payment requirements. Another option may be getting a co-signer. This can help you get approved for better terms and may lessen the need for a down payment. Be sure to shop around and check the terms of different lenders, just because a certain lender does not approve you without a down payment does not mean that no one else will. Making no down payment is not usually recommended and making even a small down payment is better than none. -

Can I Use My Car as a Down Payment?


If you choose to trade in your vehicle the trade value awarded to you from the dealer will act exactly the same as the down payment, coming off the top of the price. Many salespeople will try to mislead you by distinguishing between trade value and downpayment. For example, a $1500 down payment with a $500 trade value would be the exact same terms as a $500 down payment with a $1500 trade value. When making your purchase it is best to consider down payment and trade as the same money.

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