What are the requirements for a zero-down payment car purchase?

[HaleyDella]

You must be at least 24 years old. If underage, a parental guarantee is required. Necessary documents include: driver's license, bank statements, ID card, and marriage certificate (both spouses' credit reports and qualifications must be provided). Below are relevant details: Suitable plans: You need to consult with automotive companies about eligible programs, as not all vehicle models qualify for zero-down payment purchases. Installment payments: The beneficiaries of car installment payments are banks or financial institutions. Since many banks now have higher thresholds for auto loans, more financial companies - especially those affiliated with automobile manufacturers - have begun offering convenient loan services to customers.

[Doug]

To be honest, I almost got a zero-down-payment car before. The key is having stable employment and income – banks scrutinize this very strictly, requiring at least six months of salary records. They also check your credit history like credit cards and online loans – too many overdue payments means instant rejection. They calculate your debt-to-income ratio too; for example, with an 8,000 yuan monthly salary, your car loan payment can't exceed 30-40% of that. Full insurance coverage is mandatory, plus a deposit of tens of thousands refundable only after loan repayment. The worst part is the lengthy approval process – I submitted seven or eight documents, only to get rejected for unstable income records in the end.

[OKeira]

I've seen quite a few zero-down-payment promotions from 4S stores, and found many hidden tricks. While it appears you can drive away a car without paying upfront, banks or financial companies actually charge handling fees and interest. For approval, you'll need to prepare documents like ID card, driver's license, bank statements from the past six months, and social security proof. Younger applicants might even need a guarantor or to mortgage their property. The most deceptive part is that financial schemes often charge 20-30% higher interest than regular auto loans, so it's crucial to calculate monthly payments, final balloon payment, and prepayment penalties carefully before signing any contract.

[LaHarrison]

Zero down payment sounds appealing, but the conditions are actually quite stringent. Last year, my best friend went through the process and it took her two months. First, you need a flawless credit record with no blemishes on the central bank's records. Then, proof of income is crucial—basically requiring your monthly income to be at least double the monthly payment. If you're a salaried employee, you also need an employment verification letter from your company. There are also restrictions on car models—luxury brands are mostly off the table, leaving only basic models around 100,000 RMB. The most frustrating part was the mandatory GPS installation and a 3,000 RMB deposit, which she almost didn't get back when returning the car. If you don't have a stable job, it's better to steer clear of this.