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Bad Credit No Money Down - Bad Credit No Money Down Finance Options

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Can you really get a loan with bad credit and no money down? It seems unbelievable, but there are still companies that are willing to take a chance on people who have low credit scores, even without requiring a down payment. However, you can bet that the lender is going to need some reason to believe that you will either repay the loan or that they will be able to get their money back somehow if you can’t. Here are some of the bad credit no money down finance options available today.

A bad credit no money down auto loan is usually not that difficult to obtain if you have a steady job that pays at least $1500 per month. In order to get this type of loan, you usually need to provide proof of employment and proof of residence. You also need to be able to get car insurance on the vehicle. Most of these loans are originated by the car dealer at a “buy here, pay here” lot, and then the loan is sold to a finance company.

Bad credit no money down home loans are pretty much a thing of the past, unfortunately. With the recent shakedown in the mortgage industry, lenders have tightened their belts, making it much more difficult for those with bad credit to obtain financing on a home. If you really want to buy a home, the best thing to do is start working on your credit and start saving money any way you can.

One type of bad credit no money down loan you can still get is the payday loan. The interest rates and fees on these loans are ridiculous, so you should only pursue this type of loan in an emergency. Because of the high cost of borrowing, it is easy to get caught up in a cycle where you have to keep borrowing to the pay the loan, adding more and more fees. Use this as a last resort only.

There is one other type of bad credit no money down loan you might consider, and that is a loan from a pawn shop. The nice thing about this type of loan is that, although the fees are high, they can’t bury you because you can always walk away with the money and let the pawn broker keep your collateral. Losing your possessions is never pleasant, but it is still better than being saddled with a debt you can’t pay.

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