Is $500 Down Payment for my Next Car Enough?
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So, you've managed to scrimp and save your way to $500.
If you are in the market for new cars or used cars, are you concerned
that a $500 down payment might not be enough for a car? We say,
put your mind at ease.
Below is some advice on how you can take advantage of the $500
that's burning a hole in your pocket.
First off, there are a number of great cars for 500 down that
you'll be able to find. Just be diligent - you'll find them. One
of the easiest and fastest ways to find them is online, by the
If you decide to visit a car dealer in person, one of the questions
you should ask the lender is if they even requires a down payment.
Some lenders are really flexible on this issue and would be willing
to approve your car loan, no down payment required. If they do
require a down payment, ask them if they have a set minimum. You'll
know right off the bat if the $500 is enough.
Here's a real important consideration: online, you'll find more
lenders that would be willing to approve a used car loan with
no down payment required. On the internet, there are a number
of lenders that specialize in helping consumers with bad or no
credit get approved for title loans and car loans. One of the
best ways to get your loan approved is to apply for a used car
loan. Essentially, the lower the amount of the loan, the better
your chances are for approval.
One of the great things about online loan financing is that it
doesn't matter where you live. The internet brings everyone together,
and you can find financial lenders as broadly based as Atlanta,
Corpus Christi and Daytona Beach - and everywhere else in between
- with the push of a few keyboard buttons.
The core requirements to apply for a car loan online is that you
have to be over 18 years old, and have been employed at one company
for the last six months. If you meet these basic requirements,
you should be able to apply for a car loan at various lenders
across the nation.
And again, many of these online lenders won't require a down payment.
However, know that if you are able to apply a down payment on
your loan, you'll have an increased chance of getting that loan
approved. Any form of equity that's built into your loan will
improve your approval prospects.
So, a resounding yes. A $500 down payment for your next car should
be enough for most lenders. Any amount as a down payment is generally
considered a good asset to have in the eyes of most lenders, and
will serve as equity in your loan terms. Most lenders will see
$500 as a healthy level of equity - at least in a car that's valued
at less than $25,000 (note: the higher the value of the car that
you're trying to get the loan for, the more you'll limit the number
of lenders that will approve you). As long as you're not trying
to get a car loan for the new Audi TT, a $500 down payment should
be more than adequate.
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