/Why Large Car Down Payments Don't Actually Matter | 2021
Why Large Car Down Payments Don't Actually Matter
Big Used Car Financing Down Payments Are a Thing of the Past
When it comes to buying a used car, some people assume you need to drop a boatload of money up-front to finance a car. They wrongly think that when buying used, you have to either pay full-price for the car or pay a large down payment. Of course, this puts the most quality used cars out of reach for many consumers, who then end up settling for subpar vehicles that become money pits because of the constant need to repair them.
On the contrary, though, the size of your down payment makes little difference to the range of vehicles you’re able to finance. Most used car dealerships instead focus on your income. As monthly car payments can be between $200 and $500, an initial $500 down payment doesn’t make much of a difference to the dealership.
Easier Financing Options
Most shoppers aren’t aware that buy here pay here dealerships exist, or they have a bad misconception about them. However, these types of dealerships are unique because we work with your budget and help you find a vehicle that you can afford. When you visit a buy here pay here car lot, we go over your financials and find out what you can afford with your current salary and bill responsibilities. The salesperson will then point you toward vehicle options that meet your needs, rather than allow you to fall in love with a car that you cannot afford. They set you up for success by showing you cars that are within your budget.
That’s our philosophy at AutoMax in North Carolina. When you visit our lot, you’ll see attractive and reliable cars to fit every budget and taste. We fully stand behind all the cars we sell, and we’re changing the used car selling game by making large down payments a thing of the past.
Drive Away in a Newer Car with Just $89 Down
AutoMax offers a popular program that allows you to defer your down payment until after your tax refund has come in. Pay only $89 today, and you can drive away in your new vehicle. When your tax refund comes through, you pay the rest of the down payment. We even offer free tax preparation up to the value of $300 if you take part in our deferred seasonal payment program.
You Don't Need Perfect Credit to Get Financing
People also assume that you need impeccable credit to get behind the wheel of a quality used car. These people are probably used to visiting dealerships and being turned down for used car financing. Banks have more stringent rules because they’re in the money business and not in the auto business.
We at AutoMax are in the auto business, and our goal is to put everyone that walks through our doors into a high-caliber used car. Since our business personally finances all the vehicles we sell, we can treat each customer as a unique individual and reach a mutually beneficial financing package. This package will include a low car down payment, a dependable automobile, and a variety of convenient ways to pay the balance, including by debit, mail, and in person. Those with less than perfect credit can visit our buy here pay here car lot with confidence, knowing that they’ll leave with a reliable car that will give them years of service.
Not only will we come through for you with a financing package, but we’ll also help you repair your credit so you can qualify for upgraded or later model cars in the future. Unlike many buy here pay here dealerships, we report to the credit agencies when you make your monthly payments on time. Gradually, this will improve your credit and benefit you in the future as you apply for additional lines of credit.
Those with Flawed Credit No Longer Have to Settle for a Lemon
Another common misconception is that cheap used cars aren’t worth it because they’ll cost you a fortune in repairs and maintenance over your years of ownership. While this is potentially the case when you buy from a traditional used car lot or a private seller, this is not the case with our vehicle inventory. Our vehicles are in excellent working order and we know the history of each automobile we sell.
We are so confident in our cars that we go over the vehicle history report with our customers before we sell them the car. We also make them aware of any manufacturer's recalls that need to be fixed. Most of our vehicles are models from the mid-to-late 2000s and onward. Aesthetically, our cars don’t have unsightly cosmetic flaws - no junkers here. You can drive off our lot with pride, no matter which car you choose.
Because we’re so selective in which cars we will sell to our customers, we offer a 15,000-mile/12-month warranty on every vehicle that drives off our lot. We even throw in free oil changes until you pay your loan off.