How much of a down payment should I have to buy a car?

Deciding on how much of a down payment to make on a car is a big decision that can impact your monthly car payments and overall cost of ownership. In general, it’s a good idea to put down as much as you can afford, as a larger down payment can lower your monthly payments and help you secure better financing rates.

Having a down payment of 20% or more for a new car purchase can also secure you more favorable financing terms.

However, putting down as much as 20% or more may not be feasible for everyone, and there are plenty of options available for budgets that include smaller down payments.

At Loudon Motors Ford in Minerva, Ohio, we offer a range of financing options to help you get into the car of your dreams. Our finance experts will work with you to find the best options available based on your budget and financial situation. We work with local credit unions as well as large national banks to offer great finance rates to help make car ownership more affordable.

In addition, there are several benefits to financing your car with us, including the ability to customize your monthly payments, flexible term lengths, and the option to trade in your current vehicle for a new one in the future.

Can you finance a car with no or very little money down?

Financing a car with little to no money down is absolutely possible. However, it can result in higher monthly payments and overall cost of ownership. If you’re considering financing a car, it’s always a good idea to make a down payment, even if it’s small, to help lower your monthly payments and potentially secure better financing rates.

The amount of down payment you should make on a car depends on your individual financial situation and goals.

If you can afford a larger down payment, it can provide many benefits, but even with a smaller down payment, you can still find favorable financing options at Loudon Motors Ford. Our finance experts are here to help you every step of the way, so visit us today to learn more about our finance options and to find the right car for you.