Can You Buy a Car with just $500 as Down Payment?
Buying a car was indeed an expensive affair. But that era was many moons ago. Today, the US auto industry has thrived to such an extent that you can literally drive home a car for almost nothing. And that should serve as your cue to the question of whether you can buy a car with just $500 as a down payment. The answer is not only yes but you can get a top-quality vehicle as well, only if you choose the right buy here pay here dealer.
How is a $500 down payment possible?
New cars lose almost half of their initial cost in a matter of 2-3 years without much compromise on their functional integrity. When maintained right by its previous owner, a 3-year-old used car can serve you for a decade more with some repairs along the way. Thus, if you buy a 2015 or older Ford Fiesta now, the overall price will typically be around $7,500 and a good BHPH dealer can easily hand over the keys to you by accepting a mere $500 from you.
So, not all cars are available in the $500 down slot?
No, and it will be highly illogical to expect the same as well. A 3-year old Cadillac ATS or Audi A3 will not come under $25,000 and no dealer can sell you these models by taking just $500. However, if you are okay with older cars, say a 2008 or 2005 model, then the price can go down considerably for those cars to come in that $500 down slot. But the best buy here pay here dealers have other offers ready for you, like your old car exchange or use of referral money, by using which you can successfully bring down your down payment to $500.
Where is the catch here?
At genuine buy here pay here dealerships there are no hidden terms and conditions. Just like any other credit policy, when you choose the $500 down payment option, you will naturally have to take a higher amount of loan to cover the overall price of the car. This deal is for customers who are in dire need of a vehicle but are currently incapable of making a high down payment. You can always choose to pay more should you feel that you do not want a large credit amount.
In the end, with some acceptable compromises, it is indeed possible to buy a car with just $500. Optimize your requirements and get the vehicle you need from the top buy here pay here dealership.