How much of a down payment should you make on a car?

It’s time to buy a new car! Well, a new-to-you, pre-owned car, that is, of which Gil’s Auto Sales has plenty. You have done your research and gotten all of your finances in order, but one lingering question remains: How much of a down payment should you make on a car? You’ve always had some numbers batting around in your head, and you’d like to make sure your down payment is reasonable, but are there specifics? Read on for our thoughts on the matter.

Your tax return could make for a great down payment on a pre-owned vehicle!

What is the best down payment for a car in Columbus GA?

The down payment guidelines can be different when it comes to buying a used car or a new car. Since we are a used car dealership, we will just focus on down payment suggestions for used vehicles.

Unless you are paying the entire cost of the vehicle right away, it is recommended that you put down at least 10 percent of the vehicle’s cost. If you are buying a $15,000 vehicle, your down payment would ideally be at least $1,500. This percentage is a decent place to start when paying for a car, but it is even better if you could put down around 20 percent of the price. In the $15,000 example, that would be $3,000. You will have a significant chunk of the cost already paid for and have a lot less to finance. It could save you money in the long run by paying less interest. Paying a larger percentage will also show the dealer that you mean business.

Gil’s Auto Sales is a buy here pay here dealership

At Gil’s Auto Sales, we will gladly work with you on a financial plan that is appropriate, regardless of your credit history. We do all of our financing here without relying on banks. We can talk about specific down payments, and while the 10 percent and 20 percent numbers come highly recommended, that is not a one-size-fits all number. We even have a way for you to get behind the wheel of one of our used cars for just $299 down! Contact Gil’s Auto Sales today and let’s get started.