What is a good credit score to buy a car with no down payment?

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    StellarFi
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    You could buy a car with some amount as a cash down payment. But, if you don’t have cash upfront, The monthly loan installments get higher. It is generally not advised to buy a new car without any down payment. You could go for a cheaper car option, buy a used car, or get a cosigner for the car instead. But, if you still want to go ahead with a new car without a down payment, you need to have a high credit score and reliable income to help you reduce interest rates and negotiate terms of payment with your potential lender: dealerships, banks, credit unions, or online lenders.

    A FICO® score above 700 (or a minimum of at least 690) is required to qualify for purchase without a down payment. To get the best deals, however, apart from a good credit score, experts advise first researching the best car loan options available in the market. Try to find pre-approved loan options where you can get an idea of the premium and interest they are likely to charge. This way you are not obligated to get the loan from them, but you can negotiate better terms at the dealership based on the quoted amount.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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