4 reasons you need a down payment for a car!

A down payment when buying a car (both new and used) is so important! A down payment of any amount is helpful, but as always the more you can put down the better off you will be!

📒Notes:

1️⃣ it lowers your monthly payment! Which is so nice! With the cost of everything now a days, a monthly expense that can be lowered for the next few years while you pay on the loan is sooo helpful!

2️⃣ paying less on the loan also means you pay less in interest over the life of the loan!

3️⃣ it helps build equity right away in the car. We’ve all heard the term “upside down” and that just means that you owe more than the car is worth, which happens a lot when purchasing a new car! To avoid that right off the bat and beat playing catch up, the best way is to put money down!

4️⃣ having a down payment also helps lenders trust you in wanting to lend you any amount of money, it takes away some of the risk they are taking on which is always what they want to hear!

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