How to Get a Car for $500 Down or Less


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How to Get a Car for $500 Down or Less

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Home > Bad Credit Car Loan Help

In this article, we'll tell you how to get a car for $500 down or less.

Impossible you say? Not at all.

If you're looking for a new or used car, and concerned that a paltry down payment of only $500 won't be enough to get you behind the wheel, think again. Take our advice below, and you'll be smooth sailing, albeit with somewhat lighter pockets.

First off, keep all expectations realistic - in other words, you'll have a stronger chance of getting into a used Toyota than a Jaguar for $500 down. Note, however, that any down payment that you're prepared to make on a car - no matter that car model - will help your case.

Be diligent in your search. Start looking at cars online to get an idea of a car's worth based on its condition, mileage, etc. Read reviews to check out particular features that might appeal to you on specific cars. If you're a single mom, for example, large cargo space and safety might be two important considerations for you. If you just need a basic car to get you to work or school on time every day, reliability might be paramount to you.

After your preparatory research, start visiting used car lots or new car dealerships that carry the car models that you're interested in. One of the first questions you're going to want to ask the car salesman or lender if they absolutely require a down payment to purchase or lease a vehicle. Many don't. If they do require a down payment, make sure that they're minimum isn't more than $500. Remember, car dealerships are (or should be) flexible when it comes to your financing terms - trust us, they want to make that sale just as much as you want to be driving in that new or used car!

Don't forget about exploring your internet options. Online are many lenders that you can find that will approve a car loan with a $500 down deposit. In fact, you'll find many subprime lenders that will approve a used car loan with absolutely no down payment required. If you have bad or no credit, a bad credit car loan might be a way to get you behind the wheel and improve your credit rating at the same time. Know that no matter where you go for a car loan, whether it's online or not, the lower the car loan amount, the stronger your chances are for getting approval.

Basic requirements for getting a car loan online is that you have to be 18 years old or older, and have been employed for the past six months. Armed with just these two requirements, you should be able to find a lender that will work with you.

Remember, a $500 down payment for your next car will be enough for most lenders. Most lenders regard any amount of a down payment as a good thing - it's equity built into your agreement, and having a $500 down payment will facilitate and speed up your loan approval process, if applicable.

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