When you shop for Chrysler finance options, there are several factors to keep in mind. One element is the down payment, which helps reduce your line total and monthly payments. Consider this Chrysler down payment guide at Brunswick Auto Mart.
What Is a Down Payment?
A down payment is an amount of cash you pay on the vehicle upfront. It’s due at signing and essentially acts as your first real payment on the car. You can put a down payment on both new and used vehicles.
How Much Should I Put Down?
The general rule of thumb is that you should aim for 20% of the vehicle’s value, if possible. If you can put even more money down, that’s even better.
What Are the Benefits?
When you put a larger down payment on the vehicle, you’ll reduce your monthly payments and may get better interest rates. You’ll also be eligible for shorter loan terms with a larger down payment.
Will I Put a Down Payment on a Leased Vehicle?
You can put a down payment on a leased vehicle, but in most cases, the amount will be much smaller. Some leases don’t require a down payment at all.
Is a Down Payment Required for a Loan?
In some cases, your loan terms may require a down payment. However, even if it isn’t required, if it’s financially viable, we recommend that you do so. It reduces your monthly payment and interest rates and shows your financer that you’re committed to the vehicle.
Learn About Chrysler Finance and Down Payments in Brunswick, OH
If you’re still unsure what down payment percentage is appropriate for you, the Brunswick Auto Mart finance team is happy to assist you. Contact us today with any Chrysler finance questions you have.
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