When looking for cars at $500 down car lots, its important to keep in mind that just as no two conventional dealerships run in exactly the same way, the same is true also between any $500 down car dealership and the next. While the best buy here pay here dealerships have $500 down payment programs, the requirements to qualify can vary from dealer to dealer.
Some buy here pay here car dealers, despite approving your bad credit in order to finance you, will look at your credit score as a factor when trying to get a low vehicle down payment. On the other hand, many places will ignore credit as a factor as well simply because they’re anxious to sell the car, or have developed other metrics of assessing risk. These methods include basing your interest rate and payment terms on your income and residency.
To this end, its often helpful to have worked at the same job for six or more months, and to have lived in the same place for six or more months in the endeavour to receive a low down payment car from $500 down car lots.
It also pays to have a clear idea of what type of vehicle your are seeking before you walk into the dealership, and to have a clear idea of your budget. Once you do this, you will have a rough understanding of the amount of money you will need to get financing for. For example, bad credit car loans in some $500 down car dealerships are often much lower than financing used mini vans.
If possible, its often helpful to be pre-approved for financing before you begin to shop for cars. Knowing how much of auto financing you qualify for makes it easy to narrow your search of vehicles, and makes you a more likely candidate to get a car for $500 down.