Down Payment

Using a credit card to cover a down payment on a car loan could cost you more in the long run, and it may not even be possible.

Having credit issues means you'll likely need a down payment for your next car loan, and the amount you put down can impact your ability to get approved.

In many cases, lenders require a down payment in order to approve somebody with damaged credit for a car loan. And not having one can be a problem.

No one wants to shell out a bunch of money upfront to get a car they need. But you should want to. Here are 10 reasons why you want to consider making a down payment on your next vehicle.

You don’t get your down payment back on a vehicle lease, and the only time car lease down payments are refundable is if you back out of the process and don’t sign the paperwork.

You don't need to make a down payment on a car lease. In fact, putting money down on a lease doesn't lower the overall cost like it does with an auto loan, although it does lower the monthly payment.

If you have at least $1,000 for your next auto loan, it may be enough to be eligible for vehicle financing if you have poor credit. However, whether or not it's a large enough down payment can also depend on the selling price of the vehicle.

When you have bad credit, a down payment is nearly always required when taking out a car loan, even with tote the note and buy here pay here dealerships.

One of the many questions consumers ask us here at Auto Credit Express is how much they need for a down payment. If you asked this question a few years ago, the answer would've been much different, but things have changed.

Lender rules state that you can't use a personal loan for a down payment on a car because they want you to have your own money invested in the auto loan. However, there are other down payment options for you to consider, but they may require some planning ahead.