How Much Down Payment for a Car with Bad Credit?

If you’re buying a car with bad credit in greater Clarkston, it may very well be a sound investment. If you can afford to make timely payments on your vehicle, it’s a surefire way to improve your credit score. That said, when you have bad credit, you’re probably going to end up with a sub-par interest rate on your loan. One of the ways that you can improve your interest rate is by putting more money down. 

If you’re wondering about what your prospects are if you’re buying a car with bad credit but a large down payment, or you’re wondering what the average down payment is on a car you’re financing with no credit, read on. We’ll cover everything you need to know. Then apply for financing and contact us to take the next step with John Bowman Chevrolet in Clarkston.

The Average Down Payment on a Car with No Credit or Bad Credit

First things first, most subprime lenders give loans to Waterford drivers with bad credit or no credit. However, you’ll probably be required to put down 10% or $1,000 dollars (whichever amount is larger). You can also expect to have a high interest rate. However, one of the ways to lower the interest rate is to put more money down. So how much of a down payment should you save up for a car with bad credit? Ideally, 10% plus whatever you can afford on top of that. One of the best ways to save up a few extra thousand dollars to put towards your down payment is to trade in your old car to us for credit. 

Let John Bowman Chevrolet Walk You Through the Process 

Grand Blanc drivers with remaining questions about how much down payment they’ll want for a car with bad credit or what the average down payment on a car with no credit is can call us today. If you have other questions apart from what you need to know when buying a car with bad credit but a large down payment, explore our car buying tips for other helpful reads about how to improve your credit score and whether you can lease with bad credit!