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I live in Memphis TN and have
a 500 dollars down payment, will that be enough for a car I want
to buy?
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If you live in Memphis TN, and can make a 500 dollar
down payment towards a car you want to buy, you're in business.
Below are some tips on how you can take full advantage of the
$500 down.
Know that you'll be able to find great car options if you can
make a $500 down payment. A realistic goal is a late model used
car (2004 to 2008), and some top car manufacturers that have an
excellent reputation for building quality and reliable SUVs and
sedans include Ford, Chevy, GM and Honda. Go online and research
the used car prices for your desired cars on Kelley Blue Book
and the NADA car pricing guides websites.
While you're already on the internet researching used car prices,
you may want to start looking into online financial lenders that
can approve you for a car loan. After all, if you walk into a
car dealership with an already approved car loan, you'll have
more negotiating leverage AND will probably shorten your time
at the car dealership considerably. Online, you can also research
local banks and credit unions on Memphis
that can help you with your car loan.
Keep in mind that getting approved for a car loan, whether you
go online to do it or are trying to get it approved at a bank,
credit union or directly at a car dealership's financing department,
you'll need to be 18 years old or older and have a steady paying
job.
Now onto the fun part. Start visiting local car dealerships in
Memphis,
comparing the prices on their used cars with the prices you'd
already gleaned off the internet from the Kelley Blue Book and
NADA guides. If all looks kosher, tell the car dealer rep that
you can make a $500 down payment. The rep will undoubtedly look
favorably upon your $500 down, since that builds equity into your
potential loan, and will greatly improve your chances of getting
approved for that car loan.
Now, start negotiating for an auto loan that will give you the
best terms in terms of APR and its payment schedule. If you've
already researched auto loan terms at online lenders, local banks
and credit unions, you'll be able to do a comparative analysis
between them to determine your best option.
So, yes. If you can make a $500 down payment, and you meet the
basic requirements for applying for a car loan, you should be
able to find plenty of lenders in Memphis
that will approve you for one. Use the internet as a research
tool to get rough estimates for used cars, then consider shopping
around among online lenders, local banks, credit unions and car
dealerships for the loans that offers you the best interest rates,
terms and lowest monthly payments. Be careful, though, that lenders
don't needlessly run your credit report since this will have a
negative impact on your credit. Instead, since you're on a fact-gathering
mission, tell those lenders that you have the $500 down and what
your credit score is, then ask for a rough idea of what the terms
for a car loan would look like.
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