Going through your most recent financial statements and reviewing your situation, you can’t help but hear that little voice telling you that you really need a new vehicle. Unfortunately, you do not have much money saved up, and you only have $500 to put for a down payment. Therefore, your question is, “Can I get a car for 500 down?” The answer is yes, but you need to take some specific steps to do so.
Finding the Right Programs
Not every single dealership and lender is going to say yes to your question of, “Can I get a car loan for 500 down?” Therefore, you need to choose someone from our large network of providers to help you craft a program that is right for you. These professionals will help you to choose from certain options that are suitable to your lifestyle and to your budget in order to create an optimal situation for you.
What Cars Can You Get?
You are probably also wondering what types of vehicles you’ll be able to get for $500 down. Well, it depends on a few factors. If you want a brand new car, you are going to need to be able to make large monthly payments, and you will probably need rather high credit scores to qualify. Now, if you are happy with a vehicle that is several years old, the criteria will likely not be as strict for you.
Pre-Paying the Loan Amount
Unless you are paying a very old car, you are probably going to have at least a decent amount to pay off on the loan each month. At some point, you might come into some money and decide that you would just like to pay for the loan in full at that point. In order to accomplish this goal, you need to check the contract to ensure that no penalties apply for pre-payments.
Clearly, you can buy a car for $500 down, but you must keep these tips in mind:
- You should work with a program that is made for people who are putting a small portion of money down.
- It’s so important to be realistic about the type of car you can get with this budget.
- Check out any clauses that prevent you from pre-paying during the loan term.
- Even if you need an auto loan with bad credit you can get approved with an online application
When you follow this advice, you are sure to have a car that is right for you quite soon.