{"id":991,"date":"2020-12-04T19:43:39","date_gmt":"2020-12-04T19:43:39","guid":{"rendered":"http:\/\/tt-blogs.dealerfire.com\/carizmalubbock\/?p=991"},"modified":"2024-02-14T21:51:06","modified_gmt":"2024-02-14T21:51:06","slug":"how-much-should-my-used-car-down-payment-be","status":"publish","type":"post","link":"https:\/\/www.carizmalubbock.com\/blog\/how-much-should-my-used-car-down-payment-be\/","title":{"rendered":"Do you have enough saved for a downpayment?"},"content":{"rendered":"

How much should my used car down payment <\/span>b<\/span>e?<\/span> <\/span><\/h2>\n

There are not many people who can walk into a car dealership and buy a vehicle with cash. It simply isn\u2019t a reasonable expectation. However, that means that Carizma Motors customers will need to obtain <\/span>some kind of help<\/span><\/a> financing<\/a> their vehicle purchase. If you\u2019re in the market <\/span>for a pre-owned vehicle, but you might be in a tight financial situation, you might be wondering, \u2018How much should my used car down payment be?\u2019 <\/span>According to the automotive experts at Edmunds.com, people <\/span>looking to financing a used car, truck or SUV <\/span>should aim to put down at least 10 percent of the purchase price when they\u2019re working on <\/span>getting a loan. Our product expert team works with people who might be in a less-than-perfect <\/span>credit situation. Let\u2019s <\/span>take a look<\/span> at a few things you might need to know.<\/span> <\/span><\/p>\n

READ MORE: How do I get my car ready for winter?<\/a><\/span><\/strong> <\/span><\/p>\n\n\n

Buying a Car with a Bad Credit Score <\/h3>\n\n\n\n

According to financial experts, people with a FICO score of below 620 will likely be in danger of having trouble getting financing for a vehicle. This does not mean that there is no path to buying a vehicle, but things could get expensive on the back end of the deal.  <\/p>\n\n\n\n

When someone applies for a loan at a bank or credit union, that institution views the entire transaction<\/a> as mitigating risk \u2013 they want to get their money back. A borrower with a low credit score can make things easier on themselves by putting down more money to start.  <\/p>\n\n\n\n

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