{"id":2366,"date":"2020-10-23T20:23:30","date_gmt":"2020-10-23T20:23:30","guid":{"rendered":"https:\/\/www.dealerfireblog.com\/thirdcoastautos\/?p=2366"},"modified":"2020-10-23T20:23:30","modified_gmt":"2020-10-23T20:23:30","slug":"how-much-should-a-down-payment-be-for-a-used-car","status":"publish","type":"post","link":"https:\/\/www.thirdcoastautos.com\/blog\/how-much-should-a-down-payment-be-for-a-used-car\/","title":{"rendered":"Have you saved enough for your down payment?"},"content":{"rendered":"

How much should a down payment be for a used car?<\/span>\u00a0<\/span><\/h2>\n

Third Coast Auto<\/span>\u00a0Group<\/span>\u00a0specializes in connecting people with the most reliable vehicle that can fit their budget.\u00a0<\/span>Buying a vehicle cannot be a spontaneous purchase. Responsible buyers need to factor in their monthly\u00a0budget for housing, food and other required expenses<\/span>, in addition to making sure they can afford their monthly car payments and keep up with maintenance<\/a>. If you\u2019re currently working through this process, you might also be wondering<\/span>, \u2018How much should a down payment be for a used car?\u2019 After speaking with the financial team at\u00a0<\/span>a few Third Coast Auto Group locations and doing a little bit of poking around online, the consensus is that people should put down as much as they can afford. Let\u2019s\u00a0<\/span>take a look<\/span>\u00a0at some things you should know.<\/span>\u00a0<\/span><\/p>\n

READ MORE: First-time car-buyer tips\u00a0<\/a><\/span><\/strong><\/p>\n\n\n

Do I have to put 20 percent down on a used car?\u00a0<\/h3>\n\n\n\n
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Most of the financial experts we looked at suggested that a 20 percent\u00a0(of the total sale price)\u00a0down payment is the ideal number to\u00a0aim for. However, depending on\u00a0a person’s\u00a0credit score<\/a>,\u00a0a financial institution could work with a down payment\u00a0as low as 10 percent.\u00a0\u00a0<\/p>\n\n\n\n

One of the other major reasons for putting down as much as possible at first is that it can shorten the length of the loan. Owing more on a loan payment than the vehicle is worth is the first step on a slippery slope to bad financial decisions. <\/p>\n\n\n\n

On the subject of less-than-perfect credit scores, just because you\u2019ve gone through a tough financial time does it mean you can\u2019t buy a car, but there will be some additional challenges to overcome. A lower credit score will mean higher interest payments on almost any kind of loan.  <\/p>\n\n\n\n

However, you can help yourself from the jump by making as large of a down payment as possible. This is also where having a high-value trade-in will make up some additional ground.<\/p>\n<\/div>\n\n\n\n

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If you have any questions about how to get the best deal possible at Third Coast Auto Group, make an appointment with one of our product experts today.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

How much should a down payment be for a used car?\u00a0 Third Coast Auto\u00a0Group\u00a0specializes in connecting people with the most reliable vehicle that can fit their budget.\u00a0Buying a vehicle cannot be a spontaneous purchase. Responsible buyers need to factor in their monthly\u00a0budget for housing, food and other required expenses, in addition to making sure they […]<\/p>\n","protected":false},"author":1,"featured_media":2367,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[9,8],"tags":[],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\n\n\t\n