Tag Archives: down payment

What to Know About Down Payments


A down payment is a powerful tool in getting a car loan.  The question is, for many people, how much money to put down as a down payment?  The conventional wisdom, according to Edmunds.com, is that a down payment should be 20%.  The problem with that number is how many people struggle with circumstances today that make them unable to have that much for a car at the time of purchase.  How does that effect the number people need for a down payment?

Down payments have been steadily decreasing from that 20% number.  The reasoning is because car prices are increasing, but the wages the average buyer is making has stayed the same. The average family has less money to use for something like a down payment.  So they don’t have the extra income to spare, hence the decrease in the amount.

That still doesn’t answer an underlying question: how much should you put as a down payment?  The answer, sadly, has no number, instead it deals in one general thought process.  It is up to you to figure out how much money for a down payment is available to you.  How much have you saved?  How much can you comfortably pay up front?  These are some of the important questions to ask if you want the answer to how much cash should you put as a down payment.

If you have bad credit or low credit and need to get a new or used vehicle, be sure to contact us at  Approved Loan Store.  Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

The Best Use of Your Tax Refund (Hint: It’s Not a Vacation!)

ID-10094956Tax season is here again, and as people across the country file their tax returns, they are already making plans for how to spend their tax refunds.

With summer quickly approaching, many families will probably use their refund towards a vacation, new warm weather outfits, or a PS4 or Xbox One to keep the kids occupied while school is out. Unfortunately, there is a great option that families don’t always consider, and it can improve job stability and overall quality of day-to-day life.

Families who have been planning to buy a new car in 2014 should consider purchasing a pre-owned vehicle from a recent model year. Owning a car can improve a family’s economic standing, the parents’ job stability, and the well-being of the family as a whole. Additionally, it can improve the credit health of the parents if they keep up with their payments, and if they use their tax refund towards a down-payment, they can certainly negotiate a lower interest rate. Also, a pre-owned vehicle from last year or only a few years ago will still have modern features like built-in navigational systems, driver/passenger climate control, or Sirius radio.

Are you ready to get into a new or used vehicle? Approved Loan Store wants to help YOU! Good credit, bad credit, no credit, we will work with you to get you into a car you want at terms you can afford! Get started today by filling out our secure online auto loan application here, and connect with Approved Loan Store online on Facebook, Twitter, and YouTube!

Image courtesy of Grant Cochrane / FreeDigitalPhotos.net