Buying a Car
(with no down payment)
Quiz
Start
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You have completed this quiz!
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Car dealerships are not banks. They're loan brokers.
Car dealers make their commission by shopping your information out to auto lenders, and those lenders will "bid" on your auto loan debt. Don't give them your social security number, or you'll have several hard inquiries on your credit report, dropping your score!
Got it!
If your credit is a 640, you may get into a predatory loan.
When your credit score is lower, you're going to be offered very high interest rates for very long payoff terms. By the end of that loan, you'll have paid for the car twice in interest alone.
Got it!
Some loans can be as high as 30% interest!
If you had a 30% APR for 6 years on $15,000 auto loan, you're paying more in interest than you did for the car! Some states allow up to 36% đ«
Got it!
Why do we love credit unions?
Credit unions are non-profitcompanies, offering lower interest rates, friendly member support, and no down payment options. They can also offer payment deferment in times of disaster or government shutdown, if your income is affected. Plus, you get to pick your lender and save yourself a lot of money!
Got it!
Hold on before visiting the dealership!
You need to make sure that your credit score is at least a 650 before you do anything, and a 720 would be better. Visit the credit union next, because they will preapprove you, and can offer no down payment car loans, unless you have a unique situation! If you give the dealership your information first, they're going to run (and ruin) your credit with several hard inquiries.
Got it!
Buy a Car Quiz
Wendy Massengill
Created on October 7, 2025
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Transcript
Buying a Car
(with no down payment)
Quiz
Start
Congratulations!
You have completed this quiz!
Want a year of free rent reporting?
Enter for a chance to win!
Car dealerships are not banks. They're loan brokers.
Car dealers make their commission by shopping your information out to auto lenders, and those lenders will "bid" on your auto loan debt. Don't give them your social security number, or you'll have several hard inquiries on your credit report, dropping your score!
Got it!
If your credit is a 640, you may get into a predatory loan.
When your credit score is lower, you're going to be offered very high interest rates for very long payoff terms. By the end of that loan, you'll have paid for the car twice in interest alone.
Got it!
Some loans can be as high as 30% interest!
If you had a 30% APR for 6 years on $15,000 auto loan, you're paying more in interest than you did for the car! Some states allow up to 36% đ«
Got it!
Why do we love credit unions?
Credit unions are non-profitcompanies, offering lower interest rates, friendly member support, and no down payment options. They can also offer payment deferment in times of disaster or government shutdown, if your income is affected. Plus, you get to pick your lender and save yourself a lot of money!
Got it!
Hold on before visiting the dealership!
You need to make sure that your credit score is at least a 650 before you do anything, and a 720 would be better. Visit the credit union next, because they will preapprove you, and can offer no down payment car loans, unless you have a unique situation! If you give the dealership your information first, they're going to run (and ruin) your credit with several hard inquiries.
Got it!