$2000 Down Payment For Bad Credit Auto Loan
Making a down payment on an auto loan is one of the best thing you can do to reduce the cost of financing or interest rate and to pay for your vehicle faster – reducing your chances of being bug down in an upside car loan situation.
Over 95 percent of all Americans purchase vehicles through financing. Many of them do no have the funds to make a decent down payment.
$2000 down on a car loan is above average for down payments offered for car loans. If you have bad credit a $2000 down payment will help to reduce your interest rate dramatically.
A down payment tells the auto dealer or financing institution that you are serious about your obligations, thus increasing your trustworthiness in the eye of the bank or dealership.
A $2000 down payment can reduce the interest you pay for a car loan from 9 percent to a decent 6 percent depending on how bad your credit history. In addition, it gives you leverage to negotiate a deal with the auto dealer – you have the upper hand. You can take your money somewhere else.