How to buy a used car in Miami with no down payment or good credit score

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A down payment and financial history are key requirements to purchase a vehicle in the United States. However, without them you can also get a car to get around

How to buy a Used car in Miami with no down payment or good credit score

Looking for a co-signer can be the solution to buy a car without a good credit history. (REUTERS/Mike Blake/File Photo)

Two of the most important requirements when buying a car are the down payment (downpayment) and credit score. But if you can't meet both — for example, if you have little money for a down payment or if you've only been in the country for a short time and have no financial history — there are still ways to acquire a vehicle. Which, by the way, in almost every town in the United States, with the exception of some large cities like New York or San Francisco, is something necessary to get around. Here are some alternatives that may be considered:

A co-signer

Looking for a co-signer can be the solution. It is a person close to you who lends you their credit history. If the co-signer has a good financial history, because he has regularly paid his cards, rents or mortgages and services for a long time, it is certain that you can benefit and get a car almost immediately.

Of course, once you establish the loan, that person also acquires responsibility for any obligations. Therefore, if you ask someone to be your co-signer, you must be sure that you can make payments on time, so as not to damage your own credit history.

How to buy a used car in Miami with no down payment or good credit score

If you don't have a traditional credit history, you can opt for alternative credit data such as electricity or telephone bills. (IStock)

Alternative credit data

Typically, financial institutions that evaluate credit history take into account conventional data such as credit card payments, rent and other loans to create your report and determine your qualification as a payor.

< p class="paragraph">If you don't yet have a strong credit history, but you maintain a stable job and have been able to purchase goods and pay for services on time, you may opt for alternative credit data such as electric or telephone service accounts.

Dealer Financing

This is an option similar to a dealer credit card. Loans of this type are usually granted when the dealer has a close relationship with the manufacturer, a bank or specific car brands.

They usually have an interest higher than when buying with a good line of credit, but the seller's own financingit is not an option to be dismissed when you cannot otherwise qualify for it.

Community banks or credit unions

These institutions, Usually small banks can help you acquire goods for the first time, in this case a car. If you do not have the support of large banks or financial institutions, this may be an opportunity for you.

The credit unionsThey can range in size from small, community-based ones to larger ones with multiple branches, so you'll have more than one option.

How to buy a used car in miami? How to buy a used car in Miami with no down payment or good credit score

A used car dealer is a good place to start.

Market loans

Basically it boils down to finding brokers that offer loans to investors interested in financing the purchase project.< /p>

In case you opt for this, it is important to also read the fine print: payment times, how much the monthly payment will be, and keep in mind that sometimes the interested investor can make a counter offer and lend less money, or have new conditions.


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