Why is it important to have a down payment of $1000 on a used car?
We get this question a ton and the answer is simple usually its at least 10% of what the car is selling for or a $1,000 payment which ever is less for bad credit car buyers.
Though you can put more down as down payment on a used car but $1,000 is a good start to let the car dealership know you are serious about buying a used car plus they can go back to the auto lender and let them know you have 1K to put down.
The more money you put down for the used car the less you’re going to have to finance and the less you’re going to have to pay in interest.
So saving your money is the best thing to do before talking any car dealerships near you about preowned vehicles.
Making the down payment for a used car can be easier
Now buy here pay here car lots might make it easier for the down payment of $1,000 and knock it down to $500 down for a used car but we don’t recommend that you do that. Pay the 1K and just make payments.
You can make larger monthly payments as you go on. The more you pay the less time you have to finance a used car so that’s why most people say to have $1,000 down on any car you buy.
Down payments even if its $99 on the used car is a starting point and the next time you are at the car dealership you know what you’ll have to do as a down payment for the vehicle.
We have a ton of used car inventory that you can start looking at right now with $1,000 down and you can drive today!