When you are in the market for a new or used car one of the questions we are always asked is do I have enough for a down payment?
The ideal down payment amount in Chicago IL
The answer can be complicated to some but often the rule is $1,000 down or at least 10% of the cost of the vehicle. Most people choose to go with $1,000 down on a used car.
Some people may even go to $500 down on a used car in Chicago. Dealers may be open to a $500 down car payment but you want to make sure you have the income to make monthly payments.
As new cars in the Chicago area going up and up in the Chicago area, used cars let buyers take a second look at what’s reasonable on the car market. If the vehicle is well kept and priced right there is no reason why you can’t make an offer but that’s if the car dealer will work with you.
Used cars are cheaper than a new car and at times you can get the same features for a quarter of the price. That’s why we always want to encourage you to shop for new or used vehicles in Chicago.
The one thing that car dealers won’t advise is that all car dealer’s pricing is different on the cars on the car lot.
There are multiple car buying strategies and we will advise a few below to help you out.
• Look at buying a new or used car at the end of the month
• Used car inventory tools online
• You might want to look at the car dealerships cars coming off leases
The strategies above don’t work for everyone but its best to know the options you do have.
The role of auto financing in Chicago Illinois
Auto financing plays a large role in the way people now buy cars in Chicago. If the car dealership will help you with the best financing the chances of you going with dealer financing are higher.
Keep in mind that you have to make sure the payments are overall affordable for you.