If you're getting ready to buy a Jeep® SUV, then you may want to consider taking out a car loan. If you've never down this before, the Jeep financing experts here at Heritage Chrysler Dodge Jeep® RAM Owings Mills are ready to help you out and answer all of your questions.
Many drivers ask about a down payment. Do you have to make one? Is there a certain amount you have to pay? We'll make it easy to figure all of this out.
What is a Down Payment?
A down payment is, simply put, the first payment you make for your vehicle. When you're financing a new Jeep vehicle, you have to make a down payment.
Some lease offers don't require you to put anything down, but these kinds of incentives are uncommon and not every driver can qualify for them. So, expect to put down some money when you take out a loan or lease on a new vehicle.
How Much do I Spend?
There usually aren't any set rules about how much of a down payment you need to make. Many drivers aim to put down 10 to 20 percent of the car's total price. Keep in mind that the smaller the down payment is, the larger your loan will be.
What if I Have Bad Credit?
We often recommend making a larger down payment if you have a lower credit score. If you can secure a loan with worse credit, it's going to carry a higher interest rate. Making a bigger down payment and taking out a smaller loan can help you minimize the interest you end up paying.
So, if you're ready to finance a new vehicle, visit our Jeep dealership. We'll help you find a capable SUV that you can depend on, and then we'll make it easy to find a car loan that works for you and your budget.