How Much Money Do You Put Down on a Car?

How much money do you put down on a car? Whether you’re looking to purchase a new Chevrolet model right now or are planning ahead, it’s important to think about your down payment on a car. Jerry Haggerty Chevrolet, Inc. is here to assist drivers from Wheaton and beyond as they navigate the car-buying process, specifically down payments!

What Is a Down Payment on a Car?

Dealerships such as Jerry Haggerty Chevrolet, Inc. offer loans and leases as a means of making driving a new car more accessible for Winfield families. A down payment on a car, then, is the amount of money you pay up front on a lease or loan to lessen the amount paid over the course of a loan or lease.

Benefits of a Down Payment on a Car

There are many benefits to a down payment on a car. For example, the payment has the potential to lower monthly payments or the overall interest rate of a loan or lease or shorten the term of the loan or lease. That’s because the more money someone puts down upon closing on a car, the lower the amount they need to finance.

Amount to Put Down on a Car

The amount of money you put down on a car depends on whether you are taking out a lease or loan. For a lease, the amount due at signing is typically predetermined. With a loan, however, it’s often recommended to pay as much as possible upfront. Generally speaking, it’s recommended that drivers put down 10% of a used vehicle’s sale price or 20% of a new vehicle’s sale price, according to Auto Trader.

Finance Your Next Model at Jerry Haggerty Chevrolet

Get in touch with Jerry Haggerty Chevrolet, Inc. near Glendale Heights to discuss your financing options for a new Chevrolet model. Make sure to check out our new vehicle specials and Silverado special editions, too!