Car Loan Without Down...

[Andy77]

How hard is it to get a loan without a downpayment ?  

I had applied with USAA and got approved for 50k a few months ago and I wound up not getting the car, but assume I had used that loan, I am assuming I could have just used the entire 50k without a down payment since that is the dollar amount I had been approved for, right ?

[settleordelete]

Yes, what ever you are approved for you can use the entire amount without a down payment. Unless your credit/ income situation abruptly changes and they need a down payment, you should be okay.

[Anonymous]

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@settleordelete wrote:
Yes, what ever you are approved for you can use the entire amount without a down payment. Unless your credit/ income situation abruptly changes and they need a down payment, you should be okay.

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Some lenders specify a max LTV%. So even if you got approved for 100K, if the max LTV ratio for a car was 90%, then you could use no more than $45K of the loan for a $50K car.

[Dalmus]

 Yeah, some lenders will specify a specific LTV %, some will specify a down payment $ amount, and some will let you in with $0 down.

 It all depends on your credit situation, if you're trading in a vehicle, etc.