The best places for no money down auto loans are car dealerships and online lenders/brokerages. These organizations, with their experience and relationships with multiple lenders, can leverage their strength and volume to help you get a no money down loan.
Car dealerships can sell new cars, used cars or a variety of both. All car dealerships have finance departments that employ finance specialists who directly submit loan applications to multiple lenders. After you find the perfect vehicle and negotiate a fair selling price, the finance specialist can help find the loan terms that work best for you, including no money down options. Be advised that no money down options are often possible, but they are not practical in all cases. For individuals with negative equity or marginal credit histories, down payments may be required, and the required down payment will vary based on the situation.
Online lenders and auto loan brokers can also leverage their experience to help you get a no money down auto loan. Because of the large volume of loans written by online lenders and assisted by auto loan brokers, they may approve a no money down auto loan when the conditions (credit score, debt-to-income, etc.) would not otherwise allow it.
A no money down auto loan makes it easy to get the car you want as soon as you want it, without having to worry about a sizable down payment. While a no money down loan will have a higher monthly payment than one with a down payment, you will have the opportunity to pay down the principal and interest as you wish, resulting in a lower balance and a deferred term until your next payment is due.
No matter what vehicle you choose, a no money down loan is a good option if you plan to keep your vehicle for many years and you are not considered about having little or no equity in the vehicle for several years.