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04 Jul

Tips for Getting Your Down Payment

There are many ways that you can get a down payment for your car, and we will explore some of those ways in this article.  Yet, it is important to remember that a down payment isn’t always necessary.  Car dealers frequently offer no money down or zero down purchase options.  So when it comes time to buy a car, realize that you don’t necessarily have to come up with any down payment at all.  Further, it should be noted that many car dealerships offer excellent financing options including zero percent financing, which can make buying a car a pretty easy proposition. Tips for Getting Your Down Payment

Here are some issues to consider when making a car purchase:

-The sticker price

-How much are you financing?

-What is the exact finance charge?

-What is the APR?  This should be a yearly rate

-How many payments will you make?

-What is the total price including the down payment and monthly payments?

While there are great financing options, many people still opt for putting some money down to lower their monthly payments.  Great financing options, however, do allow car buyers to feel comfortable putting less money down.  This factor can be a very big one when it comes to figuring out exactly how you will come up with the money you need for a down payment on your next car.

Clearly, saving up for a down payment is one option, but again if you take advantage of a “zero money down” or “zero percent financing” offer, this isn’t necessarily a hurdle for you.

Here are some issues concerning zero percent financing you should consider:

  1. It is possible to get zero money down offers even if you have credit problems.
  2. It may be more difficult to negotiate for a lower car price if you are getting zero percent financing.
  3. You may be able to get a low interest rate that is a better deal than zero money down offers can provide.
  4. You may have the option to select between zero percent financing and a cash rebate.  You will only be able to choose one offer.

If you are dedicated to making a down payment, then one strategy is to simply set aside money in a given amount of money per week, or even per day.  Many people never sit down to thoroughly evaluate their day to day spending habits.  Yet, quite often, once people take the time to look at their regular patterns of spending, they discover that they do in fact have expenses that they can eliminate.

Some of the common ways that you can save money include consolidating your credit card bills, skipping meals outs, skipping expensive snacks and drinks, and shopping around for lower insurance quotes, to name just a few ideas.  These simple steps could add up significantly over the course of year or even a few months and give you the extra money you need for a down payment.  Another option is to ask relatives for help with your down payment.  If you are buying a moderate or inexpensive used car, this could be a very viable option.

While these tips will help you get a down payment, don’t forget to talk to your local car dealership.  The odds are excellent that they will have a way to get you in a car without any money down, and they may even offer zero percent financing as well!