Are you shopping for a pre-owned car in or around the Philadelphia or surrounding area, but your credit needs some major work? Purchasing a car with not the best credit can be stressful and discouraging. You may think you don't have a lot of options, but the truth is you have options. It's very possible to get a car loan with bad credit, and if you have a big down payment it'll take off a big chunk of what you owe immediately, which will make it easier to obtain a loan. So, how much down payment for a car with bad credit should I expect? Give us a call we can definitely help. Stop by New Phase Motors, one of the go-to bad credit car dealerships in the Philadelphia area.
What's the average Down Payment for a Car with Bad or No Credit?
Usually, financial institutions that lend to borrowers with bad credit, such as various banks and credit unions, require a down payment of at least 10% or $1,000 — whichever of the two is greater. If you’re able to make a larger down payment, however, it’ll make life easier for you down the road. In addition to lowering your monthly payments, it’ll reflect well on your credit report. Buying a car with bad credit but a large down payment is possible and can help you boost your credit score for when you’re ready to buy another car, a house, etc.
Do you have a Trade-In Vehicle?
Do you not have the 10% or $1,000 saved up? You may already have what you need to make your down payment — your old vehicle. Here at New Phase we offer Trade-In deals to all our customers looking to cut the cost on their next purchase. Bring your vehicle by the dealership, or click the value your trade button. We will make you an an offer. You can then put the cash down toward a down payment on the vehicle you want.