Getting your finances in order is one of the most important steps in buying a car. This is particularly true when financing. With this guide, Jaguar Northfield aims to make the Jaguar finance process easier for you by helping you get a handle on your down payment.
How Much Should You Put Down?
The simplest answer to this question is as much as you comfortably can. The more money you have upfront for your car, the less you will need to borrow. This has a very nice domino effect because when there’s less money to pay back, this can result in lower monthly payments and reduce the amount of interest you need to pay.
Aim for a 20 Percent Down Payment
It’s a smart idea to put up as much money as you can for your down payment, but ideally, it should be at least 20 percent. This will trim quite a bit off the purchase price. For example, if you are considering a $40,000 car, a 20 percent down payment reduces that to $32,000.
Consider a Trade-In Vehicle
Getting to 20 percent for your down payment may seem a little daunting, but your current car could help you reach it. The first thing to do is to use Kelley Blue Book or another reputable auto resource to find out how much your older vehicle is worth. Once you know this, you’ll have a great idea of how it can help with your down payment.
Make Smart Jaguar Financing Decisions in Northfield, IL Near Chicago
Our Jaguar dealership in Northfield, IL, wants to help you make good decisions. If you have any questions or concerns about financing, contact us. You can also visit us to speak to someone in person.
