Many people are afraid they will not qualify for an automobile loan because they do not have enough down payment, or no down payment at all. While down payment is a great thing to come into a car loan with, we often find that some customers can qualify for an automobile loan with little or no down payment at all. Here at Cornerstone Used Car Sales, we find that the customers with good to excellent credit scores qualify for loans without the necessity of putting a large down payment. However, we also find that customers with the best credit scores often voluntarily put a large down payment to make the loan payments more affordable.
Down payments reduce the amount financed of the car loan. The lower the amount financed, the lower the monthly payments. Therefore, we always encourage our customers to put as much down payment as possible to make the monthly payments more affordable. Of course, your interest rate will affect the amount of the monthly payment.
Since we are a Tucson Arizona used car dealership, we can offer our customers a variety of loan options and down payment options. Please give us a call at 520-838-0212 so we can answer your down payment questions.
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