Whats the best option for people with bad credit to buy a car and is it possible to get one with 0 down?

Public Comments

1. depends on what you call "bad credit" and why your credit is bad. A credit union tends to be more forgiving of minor credit offenses (late doctor bills...) than a bank. Zero down is possible but unlikely at either bank or credit union. You have already displayed a lack of ability to repay certain debts and the collateral they have(in this case a car) will be worth a lot less than what you own as soon as you drive off the lot. If you do manage to get a loan, expect a VERY high interest rate.
2. You are asking the impossible. The days of easy credit are gone. Easy credit is one of the major contributors to the recent world wide financial meltdown. It can even be difficult for someone with good credit to get a loan now. If you have bad credit your only options are: Come up with a significant down payment Have a co-signer who has a decent credit rating Be established at a job which makes enough income to make the loan payments. If any of these are missing, forget getting a loan. You may want to set your sights a little lower. Save up some money and pay cash for an older used car. While driving your older used car take the amount of money that you would have been paying monthly on a new car and put this into a savings account. If you can't make these monthly savings payments, you can't make a car payment. Once you have saved at least 50% of the cost of the new car that you want, then attempt to get a loan.
3. I'm sorry I can't answer your question because I am rolling on the floor laughing my a$$ off. You can not be serious with this question????? You could have 50% downpayment and you may still get turned down due to bad credit during this credit crisis.
4. http://tcp3.com/rq27 - here's a good website to look for real cheap quality car from government auctions! I bought my Honda Accord for just $2250 with a milage of 5,270! And it's been already a year I'm riding my car and it's still doing well!
5. Listen to madjack ! Very good answer.
6. You cannot get anything without at least 3000.00 down which is a 10,000 car which is minimum bank will lend as car has to be less then 6 years old and 80K miles or less. You must make 1500.00 for 1 year and have YTD stub and same address for 1 year with 2 utility bills in your name and 10 references. Also you pay a 1-2000 secondary bank fee and high APR like 15.9-23.9 Even buy here pay here uses these requirements.