The harder you work the luckier you get – Tex Earnhardt

DOWN PAYMENT CALCULATOR

HOW DO YOU CALCULATE THE DOWN PAYMENT ON A USED CAR?

 

The best way to do it is to think of the down payment as a minimum of ten percent.  A car worth $20,000 would require a $2,000 down payment. A car worth $10,000 would require $1,000.  If you can pay more, by all means, do it!  This reduces the amount of interest you’ll pay and may help bring down your overall payments.  A down payment calculator can help you determine the best down payment amount for the car you want.

 

Consumers should know that a minimum down payment is negotiable. However, a low down payment will make your loan more expensive and may affect the interest rate that a lender is willing to apply to the loan. 

 

You can use a down payment calculator to get an estimate on how much your down payment would be. What you’ll need to use a car down payment calculator is to know how much the car is that you are interested in.  Then the calculator can tell you what percentage and how much you’d be expected to pay in order to get a good loan at a reasonable interest rate. If you value your trade, you may find that you have some money toward a down payment.

 

 


 

 

HOW DO I CALCULATE THE MAXIMUM CAR LOAN I CAN GET?

 

To calculate the maximum car loan you can get, you start with your credit score and your take-home pay.  This can help you determine your credit score by using a car loan calculator.  You may want to use a car payment calculator with down payment because you want to know how much to put aside for this purpose.

 

A down payment reduces the cost of your loan, and it can reduce your overall interest payments. It may even affect your interest rate. For instance, if you can put down double the required down payment, the lender may give you a better interest rate because the amount of the loan will be so much lower.

 

 


 

 

IS IT OK TO FINANCE A USED CAR WITH NO DOWN PAYMENT?

 

When you have budget difficulties, you  may not be able to afford a down payment on a used car. Sometimes people get lucky, and they are able to use their old car as a down payment.  Other times they have managed to save what they need. You should utilize a car loan calculator with down payment to get an idea of how much a down payment might be. 

 

The truth is that a down payment is the best way to buy a car, but it is not the only way to buy a used car. We recommend it strongly, but we know that sometimes a consumer must finance a car with no down payment. No Bull Financing was created to help with consumers in this situation.

 


 

 

WHY IS PUTTING A DOWN PAYMENT ON A CAR A BAD INVESTMENT?

 

This question is upside down.  A down payment on a car is never a bad investment. If anything, it is the best thing you can do.  You reduce the amount you’ll pay in interest rates.   However, there are times when used car dealers push buyers into loans that they cannot afford.  They often do this by offering a used car with no down payment.  Consumers should not agree to this unless they are sure that the dealership actually wants to sell cars and not simply get people into debt.

 

At Earnhardt Auto Centers, we remain open to those who need to buy a used car without a down payment .We understand that sometimes that is what a person on a tight budget needs to do. We have also seen people who think they don’t have a down payment, discover that when they trade in their old car, it acts as a partial down payment, reducing their long-term costs. You can use an auto loan calculator with down payment to get more information about your specific situation.

 


 

SHOULD I BUY A CAR USING FINANCING OR PAY THE FULL DOWN PAYMENT?

 

It is always best to pay a car down payment.  However, it is negotiable. You may decide that you need to save money now more than you need to save money over the course of the loan. We strongly encourage you to discuss any car purchase with our loan experts.  They can help you navigate the system and decide what the best course of action is for you.  Dealerships that strictly deal in used cars have been known to trick buyers into expensive loans by waiving the down payment. Earnhardt Auto Centers has a long history and must guard its reputation. We don’t want to talk anyone into such bad deals. 

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