Part of your luxury car financing shopping checklist should be understanding your down payment. That’s where the Fields Motorcars Orlando team comes in; we’re happy to give you the best advice on how much to pay at signing. As part of our Luxury Car Financing Tips series, here’s an excellent primer to down payments on your vehicle.
Why Is a Down Payment Beneficial?
Putting a down payment on your vehicle is a good way to show that you’re in a solid financial position. That proves to us and our financing team that you’re serious about buying a car, and that you have enough income to purchase a vehicle. For the driver, it also reduces the principal on your financing plan, reducing your monthly payment.
What Should My Down Payment Be?
The general rule of thumb is to put 20% of the total vehicle price as a down payment at signing. That provides a good balance between reducing your overall costs and not breaking the bank. We’ll confirm the exact dollar amount with you when you apply for financing, so you don’t have to guess.
Can I Put More or Less Down?
While 20% is a good guideline, it isn’t a hard-set rule. If you can afford to pay more at signing, you definitely can — in fact, we encourage it, so long as you can do so without putting your finances at risk. Talk to our financing experts to see what percentage is perfect for you.
Get Luxury Car Financing Advice in Orlando, FL
Now that you know what your down payment should be, it’s time to apply for luxury car financing. Contact Fields Motorcars Orlando today to schedule an appointment with our financing team!