Down Payments

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As a definition of “Down Payment”, one can simply describe it as a set (or negotiated) amount paid in advance to a lender or other financial institution. If someone commits to put down, in advance, 5 to 15% of the entire value of a car, then the bank or other financial institution would loan you the rest of the money at an interest rate that you would then have to qualify for.

Making a down payment, on a car (for example), can drastically decrease the amount of the loan you will need to take out.

Do your math correctly, though. Make sure you have worked on your personal budget before you make a decision on how much you can put down as a down payment. Usually, some dealerships already have set the amount of the down payment. At the same time, you could always try and negotiate the amount that you can afford right now for such an investment. Putting a large amount for a down payment might affect your finances, sometimes affecting your ability to make your monthly payments. This would, as a consequence, alter you credit score. This is not something you want. A lot of people might choose to pay more in interest rates than put any money down. It all depends on where you stand financially.

Car loan and financing down paymentKeep in mind that putting money down for a purchase is a great way to show the Lenders that you are capable of coming up with a quantity in cash, therefore presenting a lower risk to that institution.

Putting money down is not what’s going to increase your credit rating/score. Although one thing leads to the other. Your down payment will serve as part of a quantity that you’d be liable for paying. And, you paying for that quantity, on time, will surely help your credit score. One hand washes the other. At the same time, if you put some money down, but start making late payments (or no payments), your down payment won’t have helped you at all. This is why I cannot stress enough the importance of always knowing where you stand financially. IF you are short on cash, but still have just enough to make monthly payments on a car, then look for deals online, or newspaper ads, or TV ads, where you find deals that require no money down. Such deals usually show up around holidays. As a matter of fact, these offers have been advertised more often than ever now, given the current economic situation the Country is going through. Dealerships have been competing more and more among themselves. Take advantage of this.

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