If you’re searching for a used car, you’ve probably seen ads that say, “buy a car with zero down!” After all, what’s better than buying something without having to reach into your wallet as you sign the papers? While Auto Action has no set down payment, we do encourage our customers to buy cars for 500 down payment and here’s why.
When Buying Used Cars for 500 Down You Pay Less in the Long Run
Cars are a necessity for many people but they aren’t considered a good financial investment due to rapid depreciation rates. The less money you put down on a vehicle at the time of purchase, the longer it takes to pay it off. In some cases, when you put zero down you end up paying for more than it’s actually worth. Don’t forget that in addition to the car itself, you have to pay taxes and registration fees. So, while you pay nothing up front, sometimes you end up paying more money overall.
The Benefit of Buying 500 Down Used Cars
Putting at least 500 dollars down on a car allows you to get a more favorable deal on a used car. Many times when you do this, you’ll be able to secure a lower interest rate than if you put no money down. This is something you’ll be glad about for the long run, whether you end up keeping the vehicle for a long time or selling it after a year or two.
If you need a used car, find an auto dealer that offers no set down payment. It’s best to purchase with a used car dealership that is willing to work with you and understand your current situation. If a $500 down payment is something you can financial handle, that can certainly only help your situation. Putting $500 down on your next vehicle is a good way to obtain the transportation you need, start building your credit, and get a loan that’s affordable for you.
Visit us at one of our convenient locations in Phoenix, Mesa, Avondale, Glendale, or Chandler or browse our used car inventory on our website and apply for quick approval.