Do you want to buy a car but do not have the money to make a down payment? To make things worse, you have a bad credit line and your debt collector has threatened you over and over again that there is no way that you can get another credit card application approved, or get a mortgage or a car loan.

You need not worry. Although financial agencies take into consideration your credit history, it is not written in stone that someone like you who has a bad credit report is no longer eligible for a new credit card, a mortgage or any kind of loan. That may have been true a few decades ago, but not anymore. Most car dealers do not really require money down to make a purchase. If you really are short on cash, instead of purchasing a car and borrowing the amount to pay for it, trade in your old vehicle and have the appraised value of the old car deducted from the price of the new car. If the car you are trading in is still not fully paid, that is the only time you need to make a down payment.

You can pay using a combination of trade-in and a car loan. Even if you have a bad credit history, you can find a financial institution that will help you get a loan approved. Many of these financial institutions can work with a dealer near you to find the best and most affordable loan you can get. They can give you flexible terms with a low annual percentage rate. Of course, it is best to shop around to find the best rates you can secure.