Looking for a new car without using your savings for a large upfront down payment?
Compare financing possibilities and see
which options may fit your budget.
A down payment is money paid upfront when purchasing a vehicle, which normally reduces the amount that needs to be financed.
Some financing programs may allow qualified buyers to finance most or all of the vehicle purchase price without making a traditional cash down payment.
$0 down financing is not guaranteed and may not be available for every buyer or vehicle. Eligibility depends on the lender, applicant and financing terms.
No. A $0 down option changes how the purchase is financed, but it does not automatically reduce the vehicle's selling price.
When less money is paid upfront, a larger amount may need to be included in the auto loan.
Yes. Financing a larger portion of the vehicle price can increase the monthly payment depending on the APR and loan term.
The total financing cost can also be higher when more money is borrowed.
Lenders may review several factors when deciding which financing terms are available.
The U.S. market includes a wide variety of new vehicles at different price points.
Depending on availability, shoppers may compare compact cars such as the Toyota Corolla or Honda Civic, sedans such as the Hyundai Elantra, crossovers such as the Chevrolet Equinox, and other SUVs or trucks.
Yes. A lower vehicle price means less money needs to be financed.
Comparing different trims and vehicle categories can help you find a monthly payment and total cost that better match your budget.
The monthly payment is important, but it does not show the entire cost of the financing agreement.
A longer repayment term can spread the amount financed across more monthly payments.
This may lower the monthly payment, but it can also increase the total cost of borrowing over time.
Requirements vary between lenders and dealerships, but common information may include:
Buying the vehicle is only part of the overall cost of car ownership.
Review the amount financed, APR, monthly payment, loan length, finance charges and total amount you will pay over the life of the loan.
Looking at the complete agreement can help you understand whether the financing fits your budget beyond the initial $0 down offer.
$0 down availability and financing terms vary by lender, dealership, vehicle and applicant. Review the complete agreement and all costs before accepting an offer.