$500 Down Car Lots in Spartanburg –All You Need to Know
A mere $500 as a down payment for a car? And that too when you have no credit score to show? What are these people up to? It is only natural that you will sound the alarm bells and may decide to stay away from the $500 down car lots in Spartanburg, but all these are only results of your unawareness. It is indeed most of the time possible to buy a used car with only $500 as down payment, and follow all the processes that are completely legit in the best buy here pay here dealerships. None of it is a hoax and nobody is trying to prank you.
The real deal about $500 down cars
A few buy here pay here dealerships merely want you to get started. Even when they did not consider your credit score to approve your financing, in certain cases a few dealers do keep their down payments to a mere $500. You are eligible for all the BHPH dealership benefits, still get a warranty on your car and can be rest assured no one is trying to dupe you into anything.
So, the obvious question that comes in next is how does this low-down payment affect you? When you opt to pay only $500 for your car, naturally your loan amount increases. This raises the interest rate and the net amount that you will ultimately have to pay. Down payment is designed to decrease your credit and the interest against it. But if you really have just $500, it doesn’t mean you will have to wait around.
Your options with $500 down cars
As obvious, your selected BHPH dealer cannot simply hand over any car to you for a down payment of $500. There will be a selected few that will come under the offer. But if you go for the best, choose one who is a part of a big car dealer, even this inventory will be large enough for you to be spoilt for choices. In other words, even when your options are limited, it won’t feel like it in large buy here pay here dealerships.
Then again, in exchange for such a low down payment, some dealerships may hold on to your car’s title and tag. But that is only until you clear a certain amount with your monthly payments. You can claim back your car’s documents and continue with your credit as usual as soon as you have paid the minimum qualifying amount in full.
When to select such car lots?
The answers are pretty obvious.
1.When you do not have the amount for paying a high down payment
2.If you are okay paying a high-interest rate
3.If you do not have any other way to slash the down payment amount
4.And if you really need a car to get your life started
The top buy here pay here dealerships offering $500 cars act as your bargain route. Most dealerships do not sell a car until you can cover for half the car’s price up front. That may not be always possible given your current condition and $500 down cars can definitely act as the much-needed alternative. Of course, there are consequences of opting for such a low-down payment, but all of them are things that you can bear.
So, opt for it without much doubt
As you still get a car that is high on mileage and run exactly the way you want it to. When you stick with authentic buy here pay here dealers to get your $500 down car, there is indeed no scope for any alarm bells. Stay informed, make your choice. Get started with a car with the option of upgrading later.