How Much is a Down Payment for a Car with Bad Credit?

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Are you trying to buy a car with bad credit? We understand how stressful that can be, our finance experts will tell you that car loans are a good opportunity to bring your credit score back up! For now, you are probably wondering how much down payment you need to buy a car with bad credit in Black Mountain. Find out below with Hyundai of Asheville and we can explore different situations, including when you put a large down payment for a car and what is the average down payment on a car with no credit.

Average Down Payment on a Car with Bad & No Credit

If you want to take out an auto loan with bad credit or no credit, the majority of subprime lenders will require a down payment of 10% or $1,000, whichever is greater. While this is the minimum, you can always put a larger down payment, which helps since you have to pay a lower monthly payment for the rest of the loan. This should also help if you only get approved for loans with higher interest rates. Regardless, we recommend you invest any extra spare cash on hand towards the down payment.

If the minimum down payment amount already seems a lot, you should take advantage of your current resources. If you are a part of a credit union, you may be able to get a loan at a lower rate. Another resource many Hendersonville drivers have is their old car that they can trade in at Hyundai of Asheville. We make an offer based on Kelley Blue Book® values, so you will get a fair price. This trade-in value can be used towards your down payment, which helps out buying a car with bad credit but in a large down payment.

Shop Your Car with Bad Credit or No Credit

Now that you know how much down payment you should put for a car with bad credit, talk to our finance experts at Hyundai of Asheville and use our financial services as we can help you get a loan even if you have bad or no credit. Try to save some money in the meantime, so you can buy a car with bad credit and afford to put in a large down payment. Our car dealership will get you a car that matches your driving needs in Weaverville as well as your budget!

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