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Down Payment
The Down Payment is the difference between the loan amount and the purchase price; usually paid immediately upon purchase in the form of cash or trade-in value.
Having a down payment is a great way to reduce your monthly payment. For example, if you buy a car for $15,000 at 7.5% APR over 60 months, your monthly payment will be $300.57. Now if you are able to put $3,000 down your payment will drop to $240.46. A savings of over $60 a month and over $3600 over the life of the loan.
If you do have bad credit, a down payment is a great way to improve your chances of getting a car loan. Many lenders will look for at least $1,500 down in order to get you financed for your car. If you need help getting cash for your down payment there are sites out there than can help get you a cash advance. Visit cashforwheels.com to apply for down payment assistance.
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Did you know?
 Lenders consider more than just your credit score when deciding whether or not to extend credit. They consider the amount of debt you can handle given your income, your employment history, your credit history, as well as staying within their institutional underwriting policies.
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