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What is the lowest down payment for a car?In the past, the required down payment on a car was often 20% for new and used vehicles. In recent years, however, drivers have been putting less money down, with requirements as low as 9%.
Can I get a car with 500 credit score with no money down?It's possible to get a car loan with a credit score of 500, but it'll cost you. People with credit scores of 500 or lower received an average rate of 13.97% for new-car loans and 20.67% for used-car loans in the second quarter of 2020, according to the Experian State of the Automotive Finance Market report.
Is 500 good to put down on a car?$500 Probably Won't Cut It with Bad Credit
Though the specific amount will vary by lender and your situation, a down payment of $1,000 or 10 percent of the vehicle's selling price is usually required. The good news is that subprime lenders typically accept the lower of the two.
How can I get a car without a downpayment?Consider a Cosigner
It might get you out of the down payment, though it only helps you lower your interest somewhat, since lenders realize that the car is usually for the person with the weaker score and typically offers an annual percentage rate (APR) that hovers around the median range.
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