Is 1000 Down Enough to Buy My Next Car


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Is $1000 Down Enough to Buy My Next Car

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Home > Bad Credit Car Loan Help

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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