Down Payments: What You Need to Know When Financing Your Next Vehicle

At Ontario Chrysler, we are the Dodge, Chrysler, Jeep and Ram dealer Toronto residents count on when looking for the best selection of the most in-demand vehicles. In this post, we explore how you can get your next vehicle with no money down and also provide information on why a down payment could be a good idea. Contact us today or apply for Ram financing online to see what you could qualify for.

Do You Need a Down payment to Finance a Car?

Down payments can be required when it comes to financing a vehicle. However, they aren’t always necessary and even when they are, they might not be as much as you’d expect. Down Payments are often, but not always, required by lenders to help secure vehicle financing. Your credit score can impact whether you will need a down payment so, for this reason, you’ll want to try to improve your credit if you wish to avoid a downpayment.

Though you might prefer a no-money-down financing option, providing a down payment can be a great way to obtain a more favourable auto loan, as it can result in a lower interest rate, shorter term, or lower monthly payments. A larger down payment can also help you avoid being underwater on your car loan. If a no money down offer is available to you, it might be worth taking, but keep in mind that a down payment isn’t necessarily a bad thing.

How to Finance a Car with No Money Down?

The best way to finance a car with no money down is to find a Jeep, Chrysler, Dodge, or Ram dealership that is offering a no money down promotion on the vehicle you want to buy. It is important to note that the best financing options will be reserved for buyers with good credit, so if you need a bad credit car loan, you might be looking at other options.

At Ontario Chrysler, we are always offering a variety of promotions that make financing the vehicle you really want easier. Contact us today to learn more about how you can take advantage of no payments for 90 days. Also see our post, Where Can I Find 0% Financing for an SUV in Toronto?, for more information on getting the best possible financing rates.

Can You Finance a Used Car With No Money Down?

If you are considering the purchase of a used vehicle you might want to know, can you finance a car with no down payment? In most cases, no down payment promotions are reserved for new vehicle purchases. However, when it comes to buying a used car, you may still have options. If for example, you are looking for a used Ram 1500 for sale, you could trade in your current vehicle and use it as a down payment. Trading in your current vehicle is often your best bet when looking to save on the purchase of a used vehicle.

See our post, Sell Your Used Car FAST in Mississauga, for more information on getting the best price for your trade in.