How Much Down Payment to Pay for Used Cars under $10,000?
Down payments for used cars is not as straight-forward as new cars. Small-time dealers who look to acquire their wholesale cost price as a down payment from the customers have made the market rate erratic. And thus, the lingering question remains as to what is the right down payment to pay for used cars under $10,000 for sale in Greenville, SC to not only clear your chances for auto loan approvals but also to keep your APR in check. We answer that here in this post. Read on to find out the exact figure along with a few tips to identify the right deal.
Look to pay 10-11% of the car’s price as a down payment
No! You do not need to pay 20% if you cannot afford the same. And that is not the market rate for used cars, trucks, and SUVs for sale in Greenville, SC.You can always pay higher but 10-11% of the net car’s price should get your loan approved easily, keeping your interest payments in check. That brings the figure to $1,000 as down. Take this as the benchmark no matter which car your buy that costs near $10,000.
You can pay $500 as well
Top dealerships like the Family Auto of Greenville can work out a deal for you where you can buy a quality used car for just $500 as down. The rest will naturally come on credit and interest will be levied on the same depending on your credit score. But to keep the APR under manageable limits, Family Auto does not draw out the loan span beyond 3 years. This way, even if your interest rate is high owing to your subprime score, you do not pay it for 7 years.
Always look to trade-in your car
It goes without saying that you should look to pay a high down payment. But if you can manage $500 or less and wish to buy one of the best used Honda vehicles for sale in Greenville, SC that comes at a price, look to trade-in your old car. This will hike the down amount by including the monetary value of the old car. And you surpass the market benchmark without having to pay anything from your savings.
As much as you can
That is the best answer to how much down you should pay for used cars under $10,000 for sale in Greenville, SC. Not what the dealer decides for you. Evaluate your finances, get your old car ready for a trade-in, and visit your nearest dealership.
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