CASH IS KING

     If you are trying to finance a car with bad credit, you will need to bring a down payment.  As a car salesman I wish I had a dollar for every time I heard "Cash Is King" or "More Reasons to say Yes"

     Dealerships devote many hours of training to getting as much of a down payment as possible. Why you may ask?  Is it because they are greedy? Not really.  The majority of dealers realize that it is in their best interest to keep cars sold and not bring them back.  So they push to get the most money down to get the best deal possible.  Lenders are more likely to approve a deal if the buyer has some equity in the deal.  

     So then the question becomes "how much is a good down payment"?  Much of that depends on your credit.  Acceptable down payments usually fall in the 10 to 30 percent range.  A larger down payment can often save you points on your interest rate or may get your loan bought by a better lender.