It's one of the age-old questions: How much money should you provide as a down payment when buying a car? The answer to this question depends on a few things, so let's review!
Most customers can get approved for used car financing with as little as 10-20% down, but your credit rating influences the minimum amount the lender is willing to accept to secure the loan. Keep in mind that lenders like to see more money provided as a down payment when purchasing older vehicles with higher mileage, as these cars are considered a riskier asset against the loan.
Remember that the larger your down payment, the more equity you'll have in the vehicle you're purchasing. A more substantial down payment greatly reduces the risk of being "upside-down" on the car loan years later and means you get to own more of the vehicle sooner.
Contact Us to Discuss Your Down Payment Options
Excellent Choice Auto Sales proudly offers used car financing solutions for our valued Everett, WA, area customers. Whether you live down the road in Marysville or are visiting us from the Seattle area for a great deal on a used car, we've got you covered with favorable financing packages.
Contact our sales associates and auto loan specialists today to discuss your desired vehicle and your options for a down payment. We want to ensure you'll enjoy affordable monthly payments with your used car loan; that's why the amount of money that you put down towards your next vehicle matters!