If i were to get approved for a 0 down financing. Would i really walk out with a car without paying a penny or is there like a license fee or something alike that i will need to pay before getting the vehicle?
Johnson: Yeah, 0 down means you don't have to pay anything until the first monthly payment is due, though that's pretty much standard with most things you buy or if you get a bank loan etc. It's just one of those things car financing places use to trick you into buying a more expensive car. It's much cheaper to go to your bank instead and get a loan, then go buy the car with cash.
There is ALWAYS the official tax, title, and tag fees on any car deal. Now, it's possible that the dealer has rolled these fees into the price of the car, such that he can offer a $0 down dealer. But there is a distinction between a down payment, which simply reduces the amount you're paying for the car, and other fees that are due at the time you buy, that are not considered down payment. So, whether it's truly $0 due at signing, or not, depends on how those fees are handled.
When I needed a new work truck, I went to the same dealer where I had bought my wifes car. I told him I needed a small pickup but that I would need side boxes and other things that would consume my ready cash so I needed to get the truck with absolutely 0 down He made it happen. about 2 months later, the finance company realized I had a loan that was upside down and they got worried . They asked for an additional payment of $1,500. I told them that was not possible. The loan was paid off as it was written. But the finance company was not happy until I had paid enough that I had at least some Positive equity.
I bought a car for 0 down about 30 years ago. I was allowed to do that because I was paying and borrowing less than the loan value of the car.
(If I was paying $1000 more, I would have needed $1000 down)
And when I registered it, I had to pay sales tax and tag. (I bought from a private party)
The lender rolled the title fee in with the loan.
With a part time job and a score in the low 600s, I don't think you have to worry about 0 down.
I am a car salesman for carmax. Do youself a HUGE favor and give them a call and get some info. It truly is 0 down if you get approved by the banks for 0 down (depending on the price of the vehicle and credit history). Down payment arent always a requirement but is highly recommended. You automatically lower the price of the loan giving you the chance for a lower apr.
In cars sales advertising 0 downs means about 1500 down. That covers tax, license, dealer fees and managers vacation.
My son bought a used vehicle a while back. He got $0 down, 2.99 APR, and $30,000 for 66 months. He left the dealer without paying anything. When he went to register it (bought it out of state) he had to pay sales tax, property tax, title transfer fee, and registration fee.
Not usually!!! You may not have to make a down payment but would have to pay for the registration and licensing fees at time of purchase.
Yes, of course
"ZERO down" usually applies ONLY to the purchase price/financing of the vehicle. Most likely you will still have to pay sales taxes and registration fees. You will also have to buy your own full-coverage insurance on the car.