500 Down payment - What Type of Vehicle Can I Expect

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500 Down payment - What Type of Vehicle Can I Expect?

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If you can make a $500 down payment, you might wonder what your car model options might be. If you want to know what kind of car you can expect with a $500 down payment, this article will help you determine that, along with giving you tips on how to facilitate your car loan approval process.

With a $500 down payment, you'll be able to find many car dealerships that sell late model (2004 to 2008) used cars in good condition. Some of the older models might have higher mileage than the others, but that's to be expected. When looking at used cars, always make sure to ask your salesman or salesgirl for a car ownership report. Ideally, you'll be looking for a used car that had only had one owner previously. Often, you'll even find vehicles that were originally sold and serviced from that same dealership.

If you have happened to have set your car price point in the $10k to $20k price range, you will find plenty of car model options to choose from, from SUVs to sedans. Good car manufacturer bets include Ford, Chevy, GM and Honda. If you are looking for used cars in the $5,000 to $9,000 price range, you'll still find many car buying options with Ford, Chevy, Honda and GM models. Sure, they may have higher mileage at this price range, but these manufacturers have a proven track record for making reliable vehicles. At this lowered price range, you may have to limit your car dealership search to quality independent used car dealerships.

Now onto the negotiation process. First, you should already be prepared to know how much you'd like your monthly car payments to be. As well, depending on the model of the cars you're interested in, you should know going in what the approximate value of the used car(s) is depending on its mileage and condition. Visit Kelley Blue Book online, along with the NADA pricing guides to get a rough idea of the used cars' respective values. Now, armed with this information, you can start visiting independent used car dealerships and larger dealerships that sell used vehicles on their lot. You might find that the larger car dealers sell used cars, but only at a certain price point, so make sure that the used cars that you'd already researched pricing for closely matches the price tags that you'll find on the car dealerships' lots..

Tell the car dealership that you're prepared to purchase a used car with a $500 down payment, and what you expect your monthly car payments to look like. Your salesman, salesgirl or financing department representative can use that as your starting point for negotiations.

Another option to consider BEFORE visiting car dealerships is to get approved for a car loan online. Across the internet, you'll find a large number of subprime lenders that can help you get approved for a car loan, which you can then take to most car dealerships, easing the car buying process.