Benefits of Putting Down a Higher Down Payment

When it comes to car loans, there are many elements you have to consider before you sign on the dotted line. Your down payment has one of the biggest impacts on your total responsibility to the dealership, so learning more about how a larger down payment can benefit you is important.

Better Financing Terms

The more money you walk into the dealership with, the more negotiating room you are going to have. This means that you might get better numbers or you may improve your chances of getting a loan if your credit is subpar. In fact, if your credit is poor, a higher down payment can make all the difference in you being able to secure financing and having more say in what you could qualify for.

Lower Total Interest Rate

The less interest you pay, the less you are paying overall and it also impacts your monthly payment amount. You have more leverage over your interest rate when you come into the dealership with more money down. Lower Monthly Payment The less you have to pay monthly, the better for your budget. It also reduces the risk of you falling behind on your payments. Your monthly payment depends a lot on the total loan cost, so anything that you can do to lower this will make your monthly obligation more manageable.

Lower Total Loan Amount

The more you put down on your loan, the less you have to pay back. This means that you might get a vehicle for less money which is ideal for those with limited budgets. You might also be able to pay your vehicle off faster.

You can see that saving up for a bit longer before buying a new car comes with benefits. Your salesperson can discuss your down payment with you and help you to choose an amount that best provides what you need.

Car Loans: 8 Things You Need To Know

If you are looking to get a car loan in the Kingston area, but have bad credit, we’ve got some news for you: you still qualify for a bad credit car loan. It’s important that you get as much information as possible about car loans before taking out a bad credit car loan, so we’ve assembled 8 facts about bad credit car loans that can provide you with a general overview. Contact for details about bad credit car loans or for more information:

1. Everyone qualifies for a bad credit car loan with us – even if you have had a bankruptcy or have no credit at all. All of our customers should have equal opportunities to finance their car purchases, so we won’t turn anyone down from a bad credit car loan.

2. You have options. We will offer several options to each customer so that the customer can select the right bad credit car loan package that’s right for their unique needs.

3. You can get a bad credit car loan for a used car, or a used truck or minivan. Our car loan program is designed to help you by any used car you’d like.

4. It often takes people several years to repay their bad credit car loans. Speak with our lenders to determine exactly what type of loan program you will use. Your choice of loan program will determine the duration of the program.

5. You may pay a higher interest rate for a bad credit car loan than someone with good credit. However, because of the options that we provide, you should be able to find a bad credit program that suits your particular budget.

6. You can always refinance your bad credit car loan. As long as your repay your car loan and rebuild your credit, you will have the option of refinancing your bad credit car loan down the road. Contact us for details.

7. You can apply for a bad credit car loan online using our secure credit application.

8. It’s recommended that you complete a credit application for a bad credit car loan prior to looking for a car. By completing the credit application, you’ll know more about how much money you’ll be able to spend on the car. Therefore, completing the car loan application is the first step for many customers.

Contact us today to learn more about bad credit car loans and car financing in general. We’re always happy to help you get the right car at the right price!