Used Car Down Payments: Should You Pay $500 or More?

You may come across a buy here pay here in Spartanburg with $500 down payment options. And that means exactly what you read – you can buy a used car by financing it with us and pay $500 as a down payment to get your approved loan. But just because you have the offer, should you take it? If you can afford more than $500, should you pay more in down payment and take a lesser amount of loan? Let’s explore the temptation here. The excitement of paying $500 down.

Pay $500 if that is what you can afford

Family Auto approves used car loans in Spartanburg, SC by accepting $500 as a down payment. And the offer is designed for customers who can afford just $500. Often, when people already have a bad credit score, it is unlikely that they will have a secret stash of cash hidden somewhere. A low amount as a down payment can enable them to buy a used car which can later help to improve their standard of living. If you can just afford $500 right now, it is alright at Family Auto. We will get you the appropriate financing and a quality used car in that budget.

Pay more if it is possible

Paying a high down payment is always the smarter option. As a rule of thumb, it is suggested that you pay at least 10-11% of your used car’s initial price as a down payment and finance the rest with bad credit loans in Spartanburg, SC. You can even pay more than the 10-11% mark. This will help to bring down the loan amount, decrease your interest rate, increase your chances of loan approval and reduce the net APR. There are huge advantages of paying a high down payment. And if you can afford the same, take this route by all means.

Or, plan accordingly

There is no hard rule that you have to pay more than $500 as a down payment if you can afford the same. Some take the benefit of financing to spread out their car payments and keep their savings intact in the process. You can always take more in a car loan. You can always plan to let your pay check take care of the car while you go on saving to achieve that financial goal or have enough cash for emergencies. In all, how much should you pay as a down payment is on you. The offer is available at Family Auto and it is available for all.