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$500 Down Used Cars in Berea, SC: Everything You Need to Know

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Posted by Family Auto of Berea on Wednesday, September 16, 2020

You have surely gotten quite a few results when you searched online for cars with “1000 down near me.”That takes out any doubt regarding the possibility of buying cars with just $1,000 or lower as a down payment. But as a well-informed customer, you must also know that the low down payment offers have more to them than meets the eye. You cannot just walk into a dealership, pay a small amount, and walk out with any car that you like. This post discusses the nuances of $500 or $1,000 down used cars in Berea. Read the backstory here and decide with the full information.

The dealer’s angle to offering you $500 down cars

Only used car lots that finance generally allow you to buy vehicles in Berea with just $500 as a down payment. The rest, you will have to take as an auto loan from the dealership itself where it will charge you a specific interest rate depending on market policies. Now, the greater the loan amount, the higher the interest rate, and the more the dealership earns from extending the loan. This generates revenue for their business and thus, they sell $500 used cars to customers who are eligible for the offer.

Your angle to buying $500 down used cars

You have naturally decided to get a car with 500 down payment because you cannot pay a high sum upfront. Maybe you do not have the cash now or you have no car to trade-in. Just because the interest shoots up your net payment, it does not mean you should refrain from buying low down payment cars. Do not draw out the loan span to more than 3 years and try settling for used cars with a price tag of $10,000 or lower. In the best dealership in Berea, you are sure to find quality vehicles in that range.

Not all cars come for $500 down payment

Reputed car lots that take 500 down payment do not have all their vehicles in the fleet under this offer. They still have to protect their interest in selling the vehicle and avoid making a loss. Hence, expect your options to be limited when you by with $500 down payment. Your credit report will also play a factor. So, be sure to pick that dealership that has a massive inventory. Their volume will bring in more options for you and you will not feel the loss owing to your low down payment. As you know, the offer is indeed great. But you must use it smartly as well.