No Money Down
at Jeff Wyler Mazda in Batavia, OH
No Money Down Options at Jeff Wyler Mazda in Batavia, OH
Making a down payment when financing a car is by far the most common practice. But with new car prices rising steadily, the size of a down payment is growing, too. According to Kelley Blue Book® data, the average new car costs enough that a 20% down payment can be nearly $10,000. If you don't have that kind of cash on hand, it's possible to buy a car from our new inventory with no down payment at our dealership. Of course, there are pros and cons to getting a No Money Down deal, so here's an overview of how it can work at Jeff Wyler Mazda in Batavia, OH.
Reasons People Consider Buying With No Money Down
One of the biggest reasons Florence, OH buyers want a No Money Down loan or lease is because it allows them to get a car right away instead of waiting until they've saved enough for a down payment. Sometimes people in a community like Milford, OH need to get a car so they can earn enough to drive to their job and build up their savings. Another reason to consider buying your car with no money down is that you can keep more cash on hand. That allows you to build an emergency fund or even buy a home, which is an outstanding investment.
Some Drawbacks to Buying a car with No Money Down
One disadvantage of a No Money Down loan or lease is that you will be financing the entire cost of that new Mazda, and that means your monthly car payments will be higher. Other costs like state taxes, registration fees and dealer documentation fees will also be higher. What's more, you'll be paying a higher interest rate because lenders consider a No Money Down loan riskier, so they charge more for the financing.
That's especially true for Georgetown, OH buyers who extend the loan term in order to make monthly payments more affordable, because they'll be paying higher interest for a longer period of time. Another reason to avoid doing a No Money Down deal is because of the risk of negative equity. The average new car loses about 20% of its value in the first year. Without a down payment, you will soon be upside-down, which means you will owe more on the loan than your car is worth. One of the specialists in our finance center can help you structure a loan package you can afford, and help you decide if a No Money Down deal is right for you.
Some Ways to Make a No Money Down Loan More Doable
We encourage Cincinnati, OH buyers to look for a lower-priced car in our used inventory or our certified inventory. That will make a No Money Down loan more viable in the eyes of lenders and helps you avoid getting upside-down on a loan. Another way to make a No Money Down loan possible is to use the trade-in value of your current car in place of the down payment. When you combine that approach with buying a less expensive car, a No Money Down loan becomes more realistic. At that point, you aren't trying to buy an expensive new car so the lender doesn't have to cover the entire cost of a high-priced vehicle.
How to Qualify for a No Money Down Loan or Lease
First of all, be sure your credit report is up-to-date and accurate, especially if you've been making monthly car or house payments on time for a period of years. Submit our online financing application to help strengthen the case that you're qualified for a No Money Down loan or lease. If you have strong credit and can offer a high-quality used car as a trade-in, that can help us get you qualified for a No Money Down loan or lease. We invite our Hillsboro, OH customers to contact us to find out more about No Money Down financing at Jeff Wyler Mazda in Batavia, OH.
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Jeff Wyler Mazda
1117 State Route 32
Batavia, OH 45103
- Sales: 513-268-8125
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