A Down Payment is Your Friend

A Down Payment is Your Friend

A down payment shouldn’t be seen as an obstacle to your auto loan. Rather, it should be viewed as something that really works to your advantage if you are dealing with poor credit.

In fact, the larger the down payment you are able to make, the more you are helping yourself out. Here are some of the benefits:

  • It can help your chances of being approved because it lowers theĀ loan to value ratio.
  • A down payment reduces the amount of your monthly payment because it lowers the loan principal.
  • Or it can make shortening the loan term possible so you can pay off the loan faster, which means paying much less in interest charges.
  • It reduces the total amount of interest charges you’ll pay on the loan.
  • A down payment reduces the likelihood of you being upside down, which makes it easier to trade out or refinance sooner and more easily.

As you can see, it works in your favor to provide a down payment.

If you are looking to get approved for an auto loan, you don’t have to worry about your credit holding you back when you useĀ Deals on Wheels. You can get the car you need and a chance to rebuild your credit.

2 thoughts on “A Down Payment is Your Friend

  • If I put more money down will you lower the price that is listed in the window? The sticker in the window says 1000.00 Down and Price of 11,995.00 with a rate of 19.95?? Why are the prices so high I looked at a 2003 Ford Escape that high book value was 3900.00 and your price in the window was 11,995.00 is that with the interest? or is that on top of the price it said payment is 90 dollars a week. How long is the loan 24 Months? This just seems very high? I was on the lot over the weekend and saw this and went to another dealer they got me financed on a 2010 Ford Escape that the price was the same and it had 90k for a payment of 275.00. I just wonder why you would put these stickers in the window all they do is make things confusing!!

    • We are a high risk lender and and the risk with other factors are reflected in our pricing. Customers tell me that the biggest benefit of buying a car from us is our flexibility in helping them through whatever financial curve balls life throws at them over the three years of paying off their car. Our prices reflect the benefits of this program, along with our 6 month, 6000 mile warranty. Our program is not for everyone, but people that we have been able to help buy from us again and again.

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