When looking for a pre-owned Hyundai model, one of the first things to consider is how much money you have to spend. The great thing about financing is that you don’t need the entire sale price. However, you must supply a down payment, and Keyes Hyundai will help you figure this out.
How Much Can You Comfortably Afford?
When making a big purchase, you never want to overextend yourself financially. This is why you need to consider how much of your savings you can affordably put towards your down payment. The more you can supply, the less your loan will be, but you don’t want to drain your accounts to buy a car.
Aim for 20 Percent
There is no rule for a down payment, but the general recommendation is to put up 20 percent of the purchase price. This means that if you are looking at a vehicle that is $30,000, you would supply $6,000. The higher the percentage, the lower your loan amount, which will save you money on interest later.
Use Your Older Vehicle
Even though your current vehicle may have worn out its welcome, it may have a lot more value than you realize, and you can use this towards your down payment. If you only have 10 percent on hand, there is a good chance that your older car could help you get close to 20 percent.
Find a Car That Matches Your Budget in Sherman Oaks, CA
Once you know how much you can put down for your vehicle, it’s time to start shopping. At Keyes Hyundai, we always carry many different pre-owned cars at a variety of price points. Visit us to see what’s in stock and to test-drive your favorites.
