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If you’re like many Americans, this is the time of year when you’re anxiously anticipating a much-appreciated cash windfall: your tax refund. Many people plan to use this cash in hand as a down payment for a new car. What many of these people don’t realize is they can put this money in the bank and still get a new car.Buying a car with no down payment is possible and often smart. It simply requires some advanced planning.

Get approved with $0 down.

Should You Pursue a $0 Down Car Loan?

How can a potential car buyer get approved with $0 down? The answer to this question varies from person to person. If you can answer yes to any of the following questions, buying a car with no down payment makes sense.

  • Do you truly need a new vehicle, as opposed to want a new vehicle?
  • Do you truly need a new vehicle but live paycheck to paycheck and lack a down payment?
  • Will a new vehicle help you get to work or find work and improve your financial situation?
  • If you didn’t have to use your tax refund as a car down payment, could you use it to pay off bills or fund an important need?

What Documentation Will You Need to Show?

If you’re interested in pursuing car loans with no down payment, you should meet the following criteria.

  • You have a valid driver’s license.
  • You’re at least 18 years old.
  • You have verifiable income of at least $1,500 per month.
  • You have not had a car repossessed in the past year.
  • If you have ever filed for bankruptcy, your debts have all been discharged.


If you can check these boxes you’re a strong candidate for a zero-interest car loan. 

Do you know how to get a car loan with less than perfect credit?

How to Get a Car Loan with Less than Perfect Credit

Nobody’s perfect. If one of your stumbling blocks is your credit, do not immediately assume you’re unable to qualify for a car loan, even a car loan with no money down. If you have less than perfect credit, expect to pay a higher interest rate for a car loan.

However, be leery of so-called “buy here, pay here” car lots. On the surface, their promises may seem enticing. In reality, they will stick you with astronomical interest rates and completely inflexible loan terms. A better option? Find a reputable car dealer with references and a solid track record. Imperfect credit will equate to a higher interest rate because it makes you a higher-risk loan recipient, but trustworthy lenders will not provide ridiculously high interest rates. In many cases, having a co-signer and/or a vehicle trade-in will help riskier loan candidates succeed.

Now that you know you don’t need to wait for your tax refund to buy a new car,contact us at DeBoer’s Auto Service and Sales. Our huge inventory of quality pre-owned vehicles is certain to have options that meet your needs and budget. Our financing personnel are ready, willing and able to work with you, even if you have minimal or no down payment.

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Bill DeBoer

Written by Bill DeBoer

William J. DeBoer (Bill Jr.) is Co-owner and Vice President at DeBoer’s Auto. As the company’s General Manager, Bill has been responsible for bringing innovations in daily operations to the full-service, high-tech auto repair facility for 20+ years. Passionate about computers from an early age, Bill’s interest in technology gravitated to cars while he was in college. By obtaining a Certificate in Automotive Technology followed by a B.S. in Business Management from Penn State, Bill was able to fuse his interests into a car technology specialization and join the family business shortly thereafter.