No Money Down
Should I buy a new or used Nissan with no money down?
It's definitely possible to buy a Nissan from our new inventory or our certified inventory with no money down. In some cases, that can be a good plan, but in other cases, it might not work out as well as if you made a traditional down payment. Because we want to help you have the best ownership experience possible, here are some of the upsides and downsides of getting a new or used Nissan with no money down, presented by your friends at Jeff Wyler Fairfield Nissan in Fairfield, OH.
Why you might be considering a no money down loan or lease
Car prices have risen quite a bit in recent years, which is one reason why a Cincinnati OH buyer might not have enough for a down payment. In the vast majority of cases, most vehicles, including Nissan, are financed by making a down payment, and that typically amounts to about 20% of the price of the car. According to Kelley Blue Book®, that means the average car would require a down payment of nearly $10,000, which is a lot for most people. But if you don't have that kind of cash available, someone in our finance center may be able to help you get a car loan or a lease with no money down.
Some of the advantages of making a down payment on a car loan or lease
You don't necessarily have to make a down payment to get a car loan or lease at our dealership, but it's in your best interest to make one. A down payment of any size lowers the amount you need to borrow, and that means your car loan or lease will cost less. Compared to a bigger loan with the same terms, you'll have lower monthly payments and that means you'll pay less interest over time.
To see where you stand, it's a good idea to submit our online credit application to get approved for credit from your home in Hamilton, OH. In some circumstances, there can be some benefits in getting a car loan with no money down, so let's compare the two strategies to help you decide which one is right for you.
Some upsides of getting a Nissan car loan with No Down Payment
The most immediate benefit is that you get to drive home to West Chester Township, OH right away, instead of waiting months or years to save up enough for a down payment. That might be really helpful, because it lets you use your car for work so you can save enough for a down payment or to pay off debt. Getting a car loan or lease with no down payment also allows you to keep more cash available. You can use that money as an emergency fund or to make a down payment on a house, which is almost always a good idea.
Some downsides of getting a Nissan car loan with no down payment
Arguably, the biggest downside is that you'll have higher monthly car payments because you're financing 100% of the cost of the car. That will include other costs like state taxes, registration fees and dealer documentation fees that get rolled into the amount you're borrowing. In addition, you're likely to get less favorable terms from the lender because you're not making a down payment.
As a result, you'll probably be charged a higher interest rate and that can make your monthly car payments even higher. The fact is, getting a car with no down payment is always going to cost you more in the long run than saving enough for a down payment.
How to buy a car with no money down
If you've considered the pros and cons of buying a car with no down payment and you still want to move ahead, here are some things you can do to help make it happen. The first is to be sure your credit report is accurate, and make payments on time to increase your credit score. The higher your score, the more likely you are to qualify for a loan with no money down.
Another way to buy a car with no money down is to use your current car as a trade-in. That can substantially reduce the amount of money you have to borrow. A third way to make a no money down deal possible is to buy a less expensive car from our used inventory. Make an appointment with one of the friendly people in our finance center who can help you decide whether a no money down loan or lease is the right approach for you.
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Jeff Wyler Fairfield Nissan
5815 Dixie Highway
Fairfield, OH 45014
- Sales: 513-548-1640
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