Your Down Payment
There are several important factors that go into a down payment. A down payment can be very helpful when buying a car, but you need to use it right. Here are a few things to keep in mind when getting that down payment together. The more you know, the more you will gain from your down payment.
An Important Chunk of Money
The main advantage of a down payment is that it will help you secure a better interest rate. If you show your lender that you have a considerable amount of money up front, then they are less likely to view you as a default risk. You shouldn’t pass up any chance to get a better interest rate.
We all know that a car loses a lot of value the moment it is driven off of the lot. This is a discouraging thought, but it is also why it is important to have a substantial down payment. You do not want to run the risk of being upside-down in a car loan. Upside-down means that you owe more on the car than it is actually worth. An upside-down car loan is dangerous because if you have an accident or choose to sell the vehicle, you will lose a great deal of money.
The more down payment you have, the less you will owe on the car. So not only can you get a better interest rate, but if your down payment is high enough, you will also never owe more on the car than it is worth. You may want to get estimates from an outside source on how valuable the car will be when once you drive it off the lot.
You do not want to make the minimal down payment on a car loan. If you can pay more, you will want to do it. Going above and beyond on down payments will save you the trouble of high payments down the road. Most experts suggest that you put down 20% on the car. If you cannot do it, then get as close to that number as possible. If you can make a 30%-40% down payment without a major financial setback, then do it. Later, when your monthly payments are more affordable, you will be glad you did.
Down Payments Can Work in Your Favor
Do not think of a down payment as a major burden. It can save you a lot of interest money in the long run. It can also save you the trouble of high monthly payments down the road. In reality, a down payment is very important because it helps you qualify for a car loan. Similarly, it also lowers the total payments that you have to make. Remember, without a down payment, you might end up just paying interest on a car without making a dent in the principal. A down payment helps put an end to all that.
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