A car is one of the more expensive purchases people make throughout their lives. That\u2019s why it\u2019s important to carefully consider the cost before locking yourself into an auto financing contract and monthly payment schedule. While most lenders offer $0 down car financing, it might be worth opting to add a down payment to reduce overall cost.<\/p>
Here we breakdown what you need to consider when you\u2019re thinking about buying a car with a $0 down payment.<\/p>
In short, yes. There are many lenders in Canada that offer $0 down car financing \u2013 but you might have to meet certain requirements to qualify for a no money down car loan.<\/p>
Keep in mind that although you don\u2019t necessarily need a down payment for a vehicle loan, your financing may cost you more in the long run. Putting up even a small down payment or a trade-in can help reduce the amount you\u2019re on the hook for repaying and lighten the load on your monthly repayments and interest rate. But if you don\u2019t have the cash set aside to do this, you have the option of financing the entire purchase.<\/p>