10 Things You Should Know Before Getting a Car Loan

Large Down Payment Buyers are Successful

Even if you don’t have the best credit, a large down payment is more enticing to creditors. A large down payment can bring the loan down to a manageable amount. It is easier to get an approval for less than favorable credit if the loan amount is less and you have a larger down payment than normal.

If you have a risky credit history the finance company may not want to loan you a large amount of money. They want to start lower to ensure their risk of repayment is lower. If you have a larger down payment you could choose a more expensive car but still be approved for a loan because the loan amount is lower.