When the time comes to purchase a new vehicle in Tacoma, WA you probably have quite a few questions running through your head. One of them is, "Can I get a car for 500 down?" Now, you can finally learn the answer to this inquiry. Basically, it depends upon several different factors that will be detailed below.
The Total Cost of the Car
Let's return to your question of how you can get a car for a 500 down payment. Well, a major determining factor is going to be how much the total price of the car is. For example, let's say that the car costs $60,000. Unless your financial situation is amazing in terms of:
- The amount of money you make each month
- Your credit scores
It is very unlikely that you will be able to obtain a car for $500 down. You would need to look for cars that fall in a lower price range.
Your Financial Circumstances
Again, your finances are going to determine whether or not you can put $500 down on a vehicle. If you do not make a lot of money, then the dealership might view you as a potential risk. When you are able to get $500 down cars, the dealership does not have a guarantee that you will be able to pay off the rest of the car amount. Your credit scores can hinder you as well. When your scores are very low, the dealership might need to require a higher down payment as a type of security for the vehicle.
Maybe you really do have only $500 to spare, and your finances are not in good shape at all. Fortunately, some special programs do still exist for you. You can look for car loan programs that are tailored to Tacoma residents in bad credit situations. Usually, these cars cost less money anyway, so you do not have to make as large of a down payment. You should also check out the certified pre-owned section at the local dealership. These cars are going to be in good condition, but they will not be equivalent in price to the cars in the new section.
Purchasing a car for $500 down might seem as though it's impossible. However, it is definitely something you might be able to do after you consider and review all of your financial factors.