You’ve found your next car. It’s an amazing Acura, a premium vehicle without the premium price tag. You might’ve found it unexpectedly when you weren’t even looking for a car. It might be your old car has finally seen pavement for the last time. Now that you’ve found the Acura you want, it’s time to set up the financing or lease so you can take it home. The trouble is, you don’t know how much money you need for a down payment.
Do you need to pay 10% of the car’s value as a down payment? Will it do to pay $1,000 or $2,000? Determining the right amount to use as a down payment can feel tricky.
How a Down Payment Helps
There can be several purposes behind a down payment.
- It proves you’re a serious buyer with the intention to make your payments. You’ve put money towards the car you want to own, essentially reducing the risk a lender takes on you.
- It lowers the cost of monthly or bi-weekly payments on leases or loans. Just a few thousand dollars as a down payment can make a significant difference in your regular payment amounts.
- It helps show to the lender that you are fiscally responsible. You’ve been able to save money on your own, so you can be trusted to fulfill the loan requirements.
Do I Need a Down Payment for an Acura?
Although money down definitely helps with your financing application for an Acura, it’s not always required. Acura purchasers with good credit scores and supporting income often don’t need to make a down payment. Through Acura Financial Services, good credit customers may be eligible to buy a new Acura vehicle with low interest rates and zero down. Even pre-owned vehicles are often able to be financed with no money down.
If you’re not sure if you’ll be eligible to buy an Acura without a down payment, we can help. Submit an online credit application or give one of the financing specialists at Jay Wolfe Acura a call. We can walk you through the buying process, finding you the best way to get into an Acura today!