It’s important not to overextend yourself when buying a car. This is why you need to have a firm grasp on your finances and what you can afford to spend. This guide from the Volvo Financial department at Fields Volvo Cars Waukesha will help you make smart decisions about making a down payment.
How Much Money Do You Have on Hand?
Your down payment plays a major role in your car purchase. The more money you can put up immediately, the less you will need to borrow. This could mean lower monthly payments and a shorter loan term. Think about how much you can comfortably supply right now for your vehicle. Getting as close to 20 percent of the sale price as you can is a wise idea.
Consider a Trade-In
If you don’t have a lot of money available right now, your older car could help you out in this area. The first thing to do is find out how much it is worth as a trade-in. Using its value combined with your on-hand funds can help you increase your down payment substantially.
Making Your Money Go Further
It is important to remember that you have a lot of options when buying a car. While you may want a brand-new vehicle with every available feature, the better choice may be to go with a less expensive base model. Choosing a pre-owned or Certified Pre-Owned car can also help you cut your costs.
Start the Volvo Financing Process in Waukesha, WI
When you are ready to get the Volvo financing process started, Fields Volvo Cars Waukesha makes it simple. Just fill out our online application to get pre-approved for your loan. If you have any questions, just get in touch with our financing center or visit us today to get started!