Are you in the market for a new car? Are you having troubles deciding what kind of car to buy or what dealer to buy it from? Having worked in the auto sales industry for many years, I have a ton of information on my blog that can assist you in making all of these important and stressful decisions. Visit my blog to learn how to determine what car is the perfect car for you, how to decide what dealership to purchase it through, and even a few tips on getting the best possible financing rates and options for the car that you choose.
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If you are in need of a car, you should consider how much you can contribute for the down-payment. It may be very difficult for consumers to drive away in their chosen vehicle, used or new, without coming up with some cash-in-hand at the time of purchase. Talk with dealerships, sales associates, and your lender about ways to prevent cleaning out your car fund, while still getting your new wheels.
Five things to keep in mind about down-payments when shopping for your car are:
Expect to pay around 10% down. If you are looking at financing a used vehicle, you will likely be asked for a 10% down payment. New cars often require a larger down payment, usually around 20%, due to the quick depreciation of a new vehicle as soon as you drive it off the lot.
You will get this money back if financing falls through. Most used car dealers will give you back any money that you have put toward the cost of your used car if the deal falls through. The only exception to this is when a specific vehicle is saved for you to purchase, such as through a private seller or auction. In these cases, make sure you are ready and qualified to buy before you hand over any cash.
You may be able to borrow the down-payment. If an unexpected crisis occurs that leaves you without wheels and without money to put down on a vehicle, you may be able to borrow the down-payment. Some dealerships may be able to add-in the down payment to the note, depending on the book value of the car you are buying and your credit score.
Ask to use any rebates for the down-payment. You may find some vehicles that offer a rebate to buyers, though usually this applies to new vehicle purchases. If a car that you have your eye on offers a rebate, go ahead and ask the sales associate about using the rebate in lieu of the down-payment. Many dealerships may have the wiggle-room to make this happen for a sale.
You won't dodge the down-payment by leasing. If you think that leasing a vehicle will get you on the road with no down-payment, think again. Leases are an option for many consumers, but it should never be considered a "cheap" alternative to buying a vehicle outright. Speak to used car dealers to determine the best vehicles, payments, and terms to meet your needs.
Keep these five things in mind before you go shopping for your next new or used car. Talk with dealerships and lenders, such as Jack Burford Chevrolet, about how much you will need down to make your payments manageable and the interest rates low, while keeping a little cash in your own pocket.
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