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Is $1000 Down Enough to Buy My
Next Car
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In this article, we'll tell you everything you need
to know about getting a used car, or even a new car, with a minimal
amount as a down payment. If you happen to have bad credit, you
might think it's especially challenging to get into a used or
new car - but we'll lay out some of the steps you can take to
rectify that situation quickly.
So, let's first address your burning question: is $1000 down enough
to buy my next car? The answer is an emphatic yes.
Let's quickly look at what a down payment accomplishes in the
eyes of an automobile dealership's financing department. Essentially,
it serves as equity in any car loan or lease agreement, and equity
is a good thing to have. Many lenders almost treat it as liquid
collateral. Usually, most lenders greet any amount of down payment
with open arms.
Now, let's look at what a $1000 down payment accomplishes in your
eyes. First, if you're applying for a bad credit car loan, a $1000
down payment will go a long way in speeding up that approval process.
It will also help serve to offer you more financial lender choices
to choose from. As well, your car choices will expand relative
to the down payment you're prepared to make - in other words,
the larger the down, the more car options you'll end up having.
Finally, a $1000 down payment will have a positive impact on your
car loan agreement - your monthly car payments, loan interest
rates and schedule terms can be lowered and / or shortened with
a $1000 down as part of the deal, as opposed to if you didn't
make a down payment at all.
So, if you have $1000 down to place on a car, here's what you
can do to get started. First, if you're looking for used cars,
you can start looking online to get an idea of a car's worth relative
to its mileage, condition, etc. The basic goal here is that you
want to begin to figure out how much you can comfortably afford
for your monthly car payments. By already knowing the approximate
true value of a car before you go to a car dealership, you'll
have a good starting point to negotiate with. Two really good
car pricing guides are Kelley Blue Book and the NADA guides.
Now that you're ready to hit the pavement, visit used
car lots and / or new car dealerships that carry the car(s)
that you've researched and are interested in. If the car dealership
prices closely matches the prices that you've already researched,
you're on the right track.
When you begin dealing with the car dealership's financing
department, one of the first obvious questions you're going to
want to ask is if they require a down payment, and what that minimum
down payment amount is. If they do require a down, and it's more
than what you have, be upfront right out of the gate and tell
them that. Oftentimes, they'll work with you.
Keeping your eye on that monthly car payment amount that you've
already calculated as being what you can afford, start negotiating.
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