How Much Down Payment for a Car with Bad Credit?

How Much Down Payment for a Car with Bad Credit?

Are you shopping for a pre-owned car for sale near South Jersey, but your credit needs work? Buying a car with not-so-great credit can be stressful; you may think you don’t have a lot of options. The truth is, however, you may be better off than you think. It’s possible to get a car loan with poor credit, and if you’re able to make a large down payment, you’ll take a sizeable chunk off what you owe immediately. So, how much down payment for a car with bad credit can you expect? Read on to learn more from the finance team at Rolls Auto Sales, one of the go-to bad credit car dealerships in Philadelphia. 

What’s the Average Down Payment on a Car with No Credit? 

Usually, financial institutions that lend to borrowers with bad credit, such as banks and credit unions, require a down payment of at least 10% or $1,000 — whichever is greater. If you’re able to make a larger down payment, however, it’ll make life easier for you down the road. In addition to lowering your monthly payments, it’ll reflect well on your credit report. Buying a car with bad credit but a large down payment is possible. and can help you boost your credit score for when you’re ready to buy another car, a house, etc. 

Value Your Trade-In to Make a Larger Down Payment 

Chances are you’re looking for a high-quality but affordable used car. If so, you might be feeling intimidated by that 10% or $1,000, thinking you won’t have enough saved. You may already have what you need to make your down payment — your old vehicle. At Rolls Auto Sales, we offer trade-in deals to Reading drivers looking to cut costs on their next used car purchase. Use our handy online tool to value your trade-in vehicle, bring it to our dealership, and we’ll make you an offer. You can then put the cash toward a down payment on the used car you want. 

Learn More About Car Shopping with Bad Credit at Rolls Auto Sales! 

There’s a reason car shoppers around Reading and Allentown recognize us one of the most reliable bad credit car dealerships in Philadelphia. Ready to move forward with the next steps? Apply for financing online today, or contact us if you have questions, such as “What are in-house financing car dealers?”