How to Buy Used Cars in Greenville with Just $500 Down Payment?
At first look, $500 as down payment might not look like a good enough figure to buy used cars in Greenville but that amount is indeed enough to get you a car if you can plan your finances right and opt for the right deals. By a rule of thumb, experts suggest that you pay 10% of the net used car’s worth in down payment. That means you will have to settle for a car that costs around $5,000. But you might have heard that the exciting used cars lie in a price bracket a bit higher than that. So, how can you buy a quality used car and yet pay just $500 as down payment? Let us answer here.
Go to a dealership with a massive inventory
The only reason why many used car dealerships cannot show you exciting vehicles in that $5,000 range is due to their limited inventory. Given their small space, any dealer will want to stock up on pricier cars to keep a good profit margin. But the top Greenville car dealership with a massive inventory will seldom have that issue and house vehicles of all price ranges. At Family Auto of White Horse Road, you can pay $500 as down payment and buy a used car that comes within the financing deal. And you do not have to compromise on quality or the vehicle you wish to own.
Trade-in your old car
The oldest and smartest trick in the book to reduce your down payment amount is to trade-in your old car and buy a new used car. If your previous car is still in drivable condition, it can fetch considerable monetary returns. Use the dollar value in the down payment of the next car, bring down the down amount to $500, and finance the rest with bad credit car loans in Greenville, SC. This way, you save both on interest payments, liquidating your savings, and making space in your garage for the new vehicle you are about to take home.
Work out a financing deal with the dealer
A top buy here pay here in Greenville with $500 down payment deal will allow you flexible down options. If you want a car that costs above the $5,000-mark, have no old car to trade-in, and can afford $500 now, the dealership should be willing to work out a suitable financing deal for you. Your pay check can cover a greater monthly credit premium. Your current credit report looks solid. There is no reason that a dealer will deny you a bad credit auto loan with just $500 down. Again, visit a dealer with a large foothold in Greenville. These entities can take the associated risk and approve your $500 down auto loan.
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