Must Read Blog: Purchasing a Car With Bad Credit and No Down Payment

TORONTO - March 19, 2020 - PRLog -- Finding a used car dealership who will accept bad credit is hard enough, let alone trying to find one that offers no down payment on top of that. That's why Good Fellow's Auto Wholesalers make it easy for you. Let our team relieve your stress and help you build back your credit score in the process. Take a look at this guide that outlines what you need to know in this kind of situation and how our team can help.

What is a Down Payment?
The purpose of a down payment is to help assure lenders that you are serious about your loan. It also protects them just in case the loan isn't repaid. By paying a small amount upfront, your monthly payments can be brought down to a manageable level. Most car loans prefer a 20% down payment, but the average is around 12%. Although typically this type of payment is required, there are a few alternatives that will allow you to drive away without needing to offer a down payment.

No Down Payment?
You are probably wondering how we can offer to you no down payment. Let us explain. For $0 down payment, all you will need is a cosigner. A cosigner is someone who has a better credit score and will sign off on sharing the payment responsibility. Usually, a great cosigner is a parent, family, or a friend who trusts you. A cosigner will force you to make your payments on time every month which is key to building your credit score back up.

Read more: https://www.goodfellowsauto.com/auto-loan-tips/purchasing-a-car-with-bad-credit-and-no-down-payment/

Let Us Help

We have many more details to provide you with so why not pick up the phone and give our used car dealership a call today. Let our team help with your bad credit car loan so we can put you on the road to success. Give us a call at 1 (855) 581-9590!

📞 Phone: +1 855-581-9590

📬 Email: sale@goodfellowsauto.com

📍 Visit our showroom: 3675 Keele St, Toronto, ON  M3J 1M6