Trying to buy a car near Sebastian with bad credit? It can be stressful purchasing a new or used car, truck, van, or SUV for sale in that position. But it’s not as bad as you might think: Making regular payments on a car loan on-time can actually improve your credit score, and make it easier to secure lower interest rates on other loans. So what kind of down payment should you make in comparison to other Fort Pierce drivers? Learn the rationale here from Vatland CDJR.
10% or $1,000 – whichever is greater – is usually the down payment required by subprime lenders, i.e. banks and other institutions that give loans to people with bad credit or no credit. Chances are, that’s the payment you should be making if you’re in a position where your credit is less-than-ideal in Palm Bay.
Making a larger down payment can make a big difference in lowering your monthly payment, though, and achieving a lower interest rate on your loan. You’ll pay much less in the long run by achieving these two goals, so the best answer to how much you should put down when you have bad credit is “as much as possible.”
$1,000 might seem like a huge number if you’re trying to save money while buying a new car or making a solid used car purchase for only a few thousand dollars. Trading in your current vehicle can go a long way, though, if not the entire way. We offer trade-in allowances at Vatland CDJR that are often applied to down payments, and can sometimes even cover entire minimums faced by those with bad or no credit.
When you’re near Melbourne, the best dealership for shoppers with no credit or bad credit is Vatland CDJR. We’re an in-house financing dealer! Contact us or visit us in Vero Beach to talk with our knowledgeable salespeople about information like what is a good interest rate for a car loan, Jeep Compass reviews, and friendly finance experts. You can also ask how long your tires will last and how a used Dodge Journey can save you money. Our flexibility can help you improve your credit score, climb into a vehicle that fits your budget, and get you on the road today.
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