Who determines wether 0 downpayment would be allowed in the purchase of a car?

Question

is it the dealership or the financing company, bank, or credit union?

Answer 1

The Lender ( finance co, bank, C.U. )

Answer 2

It's the lender's call. The lender may be the financing arm of the auto company involved, such as Ford Motor Credit or GMAC, or your bank or credit union.

They will really depend mostly on your credit score, and will probably want to know what your income is and rent/mortgage payment is. They'll want to know you can handle the higher payment, since they'll be taking a little bit bigger risk then normal.

It's a bigger risk to them, because even if they repo it 2 months later, it'll have lost a lot of it's value in those first few months a few thousand miles.

Answer 3

The bank determines if a deal can be done with zero down payment. If they are ever advertising a deal with zero down it is usually for people with real high credit scores. Some banks make real reaches in order to gain business and offer deals like zero down or real low to even zero interest rates and probably approve people with questionable credit; This is rare however.

Answer 4

Whoever is actually paying for the car. This could be a financing company or a bank.

Answer 5

Your credit rating.