Memphis TN - 500 Down Payment - Used Car Loan
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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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Home > Bad Credit Car Loan Help

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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