When you finance a new car, you're going to have to make a down payment. But how big should that Hyundai down payment be? Is there a minimum or maximum you can put down?
At MotorWorld Hyundai, our financing experts are ready to answer those questions and any other ones that you have. Here's what you need to know about down payments when you're buying a vehicle.
What is a Down Payment?
A down payment is the first payment that you make on your vehicle. When you decide to take out a car loan, you make the down payment and then finance the rest of your vehicle.
How Much Do I Have to Put Down?
There is usually no hard or fast rule for how much of a down payment you need to make. Many drivers strive to put down between 10 and 20 percent.
Just don't empty out your bank account to hit some arbitrary percentage or down payment amount though. Leaving yourself some extra money for fuel, insurance, and other ownership costs is a wise idea.
When is Putting Down More a Good Idea?
In some situations, putting down more money can be a good idea. A bigger down payment means a smaller loan. This means less interest paid out over the length of your loan term.
Making a larger down payment can be a good idea if your credit isn't the best. If the interest rate on your loan is higher than you would like, making a bigger down payment and financing less of your new car's cost can help you save some money.
Learn More at MotorWorld Hyundai
If you're ready to finance a new Hyundai car of your own, visit our Hyundai dealers in Wilkes-Barre, PA. We'll make it easy to find a vehicle that fits into your budget.
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