Everything you need to know about down payments...
If you’re looking to get into a new vehicle, chances are you will need a down payment. I’m sure you have seen more than a handful of advertisements that offer “Zero Down”. Truth is, you can get zero down, if your credit is good enough. Typically a credit score of 720+ will do the trick. In 2012, only 53% of Americans had a credit score of 700+. So if you’re in that 47% below a 700 credit score, you will likely need a down payment.
So, how much?
There are many variables that determine your down payment. Depending on the finance company or bank you’re applying at, it can be determined by several factors.
Your credit history and score
Purchase price of the vehicle
Market value of the vehicle
Your monthly income
Your job time
How long you’ve lived at your house
All of these factors go into determining your down payment. I’ve [...]