Q & A How much do I need to put down

A: Down payments should be as much as you have saved and are comfortable putting down.

For customers with negative, bad, or extremely bad credit, putting more money down creates equity in the vehicle and shows lenders you are serious and invested. A larger down payment can help guarantee approval in these situations.

Putting more money down also means you finance less, which results in lower payments, a shorter loan term, and paying the vehicle off faster. Customers who invest more upfront are also less likely to face repossession.

The more you put down, the stronger your approval and the more you save over the life of the loan.