Financial Paperwork

How Much Down Payment for a Car with Bad Credit?

Unsure about how to navigate the car-buying process when you have bad credit? Are you particularly curious about how much down payment for a car with bad credit? The finance team at Basil Ford understands that purchasing a car, truck, or SUV when you have bad or no credit can be stressful, but when you make a sizable down payment, you may set yourself up for greater success. Plus, as you make routine payments on your car loan, your credit score will improve over time. So what is the average down payment that Buffalo drivers can expect in this scenario? Consult this guide for more information.

Average Down Payment on a Car with No Credit

Generally speaking, the average down payment on a car with no credit for Cheektowaga-area drivers is 10% of the total loan, or $1,000, whichever is greater. This figure is the average for banks and other financial institutions that distribute loans to Lancaster drivers with bad or no credit.

Of course, when you make a larger down payment, you can take advantage of the following:

  • Lower monthly payments
  • Lower interest rates
  • Overall savings in the long run 

So as you determine how much down payment for a car with bad credit, keep in mind that the more you can pay up front, the better.

Trade Your Vehicle for Down Payment

Basil Ford understands that regardless of your financial situation, a down payment can be daunting. However, if you currently have a vehicle that you drive around Depew and Amherst, then it may be worthwhile to value your trade, especially if the purchase is an upgrade to your old vehicle. Whatever your car is worth can be applied toward the down payment of your next vehicle, giving you some leeway when it comes to coming up with the funds to make a significant down payment on your own.

Consider Your Financing Options with Basil Ford!

Cheektowaga drivers understand that Basil Ford is the dealership of choice for those with great credit, bad credit, or no credit at all! Get in touch for additional guidance on how much to put down on your next vehicle purchase, or explore your leasing options for those with less-than-stellar credit. You can count on us to help you get behind the wheel of the car you love, regardless of your credit history!