Options for Arizona Auto Financing
When you work with Red Mountain Funding, we serve as the financing company and extend our private financing options to you, the buyer. This allows us the flexibility to approve you for auto financing with a low down payment such as $1,000 or even $500.
Do we approve everyone who walks through our door? No, not everyone, but we do try to help our customers who need a vehicle to improve their life situation. We understand that there are many obstacles that life can throw at you, and we try to help the best we can in those situations.
Depending on the situation, we should have options for you, even in the following scenarios:
- You have been turned down by another dealership.
- Your credit score is low and/or you’ve had a past bankruptcy.
- You have only a small down payment for a used car (such as $500 or $1,000).
- You need car financing with a previous repossession.
In most situations, Red Mountain Funding will have auto financing options that fit your needs.
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So Many Choices
Low Down Payments on Mesa, AZ Cars and Trucks
Since we offer private auto loans and private car financing, we set our own terms. We can offer low down payment car financing for Phoenix area residents, even if you’re looking for a $500 down used car. If you have a job and steady work history, this could be all you need to get used car financing and into a vehicle quickly.
Why Many Car Dealerships Ask for $1,000 or $500 Down
Most car dealerships and in-house financing car dealers won’t go below $1,000 loans. This is a sensible requirement on the finance company’s part, which is simply trying to make money to balance overhead costs. This can make auto loan financing very hard to get for those who need financing the most.
Red Mountain Funding wants to help those that need financing to better their situation in the form of steady transportation to and from their jobs. That is who we love to help – our neighbors and friends in Mesa, Gilbert, Chandler and the surrounding communities that simply need a chance. We offer unmatched used car financing rates and flexible payment options.
Tips to Help You Get Approved for $1,000 or $500 Down Auto Loans
Even though our main goal is to help you get into a vehicle with affordable car loan options, there are a few tips that can help you get approved for a low down payment car loan.
Have a Job – And Show a Stable Work History
This is the most important factor in qualifying for car loan financing – especially if you are looking for $500 down financing or car loans with low down payments. If you have a job, you need to keep that job, and having a car is almost always essential to having and keeping a job in Arizona.
Therefore, in many cases, just having a job – with a steady work history – can be enough to qualify you for a used car loan in Arizona. For a private auto financing company like ours, the trust you can establish by having a steady job can be enough to assure us that you will meet your payments each month.
Have a Residence/House/Home – And Show a Stable Living/Renting History
Having a job and stable work history establishes trust with no credit check car financing companies, but also having a stable living and renting history can be enough to get you an auto loan. If you have maintained your monthly rent or mortgage payments for your apartment or home, this can be considered evidence that you are likely to make your monthly car loan payments. This established trust may be enough to qualify you for an auto loan with a low down payment.
Have a Personal Banking or Checking Account and Maintain It
When trying to find used car finance deals, focus on establishing trust between yourself and the auto financing company. We have discussed how a stable work history and a stable renting history can contribute to or establish trust, but in some cases, even having a banking or checking account can help you qualify for low down payment car loans.
Utilize Smaller Lines of Credit to Build Credit and Payment History
A typical strategy that can establish credit or rebuild credit, utilizing lines of credit can help build trust with used car dealerships that finance. Opening a new line of credit – even a small line of credit – and paying it off monthly is a great way to show that you are responsible and can handle monthly payments.
Why You Should Consider $1,000 Down Auto Loans, Instead of $500
The fact you are willing to put forth any amount of a down payment shows that you are serious about buying the car and making the payments. If someone is not planning on making the auto loan payments, why would they risk putting up any amount of money as a down payment?
Just like how a bond or earnest money is used to confirm the seriousness of the party in a contract, so, too, is a down payment a sign of your commitment to the contract for a used vehicle.
That being said, you may want to consider the advantages of a $1,000 down auto loan, instead of a $500 down auto loan. If you can scrape together those extra dollars, $1,000 down will get you into a nicer, newer pre-owned vehicle and/or it will help make the terms of your loan more attractive.
We’re happy to get you into a vehicle for $500 down, but don’t overlook the advantages of saving up and putting $1,000 or more down.
Turning to Red Mountain When You’ve Been Turned Down Elsewhere
You’ve seen that there are many ways of establishing trust between yourself and a car financing company, but earning that trust is essential to getting a $1,000 down auto loan or $500 down auto loan. Establishing trust with a big dealership’s financing company can be tough, very though.
The big financing companies usually have minimums in place to avoid any unnecessary risk. When working with a local Mesa, Arizona finance company, you have more flexibility.
At Red Mountain Funding, we set our own standards for approving or disapproving a loan. That means if you have been turned down for an auto loan by a big dealership’s in-house financing company, or even by another local financing company, you owe it to yourself to speak with our financing team.
We will look at what you have that establishes trust, and discuss your options for low payment auto loans that work with your budget. Once you have your loan in hand, you can use it for one of the $500 down used cars or $1,000 down used cars from our inventory, or you can use it to help you drive home a vehicle you’ve had your eye on elsewhere.