Cars are always fun, aren’t they? Until you have to pay for one. Now I’m thinking that the way the financial picture for most of us is that we don’t have the cash lying around to pay for a new car outright?
How much do you have to put down on a used car in Boston?
Maybe we do, maybe we don’t. Doesn’t matter you have to have a decent credit score and some money to put down plain and simple and yes $500 down for a used car is a good start.
The best place to look for a used car and decent financing is a credit union because they can at times have lower interest rates than the car dealerships in Boston.
But it depends on who you ask some people will say take out a loan and build your credit and others will say save your money and if you can’t save it in cash don’t buy it yet.
Now I am not a fan of an auto loan just like the next person but to have a $15K loan that’s insane. But to have maybe a $2,500 to $5,000 auto loan isn’t too bad over two or three years. Saving your money for a down payment is going to help out a lot.
Most car dealers in Boston want 20% but we all know that can be hard unless you look at a used car under 10K in Boston? Some car dealers will take 10% but might make the auto loan term six years, that’s a lot of interest.
So a down payment starts at $500 down for a used car can be helpful. You may even want to see if the car dealer has any cars pre-owned at $5K with low miles or lower miles but that can be hard.
$1000 might take you the extra mile with a down payment on a used car in Boston MA. That’s where shopping around and comparing kicks in for you. Be informed and prepared for what the car dealership will tell you.
What are your auto financing options in Boston?
Talking to a credit union right now is a smart idea if you want to start looking at used cars under $10000 in the next three months. Borrowing a little money doesn’t hurt for a used car purchase in Boston Massachusetts.
Credit unions are your first best bet for a low interest, low monthly car payment in Boston so I advise you to start there but don’t rule out a two-year-old car if possible.
They can come with offers of no money down car payments from Boston car dealers but be careful you want a little money in the vehicle but it does sound nice.