The answer is: yes, it is possible. It will likely come with a limited selection of vehicles to choose from, and a higher interest rate than if a more substantial down payment was available.
A used car valued at a maximum of $5000 is likely the limit for a used car with $500 down. MCMC prefers a down payment of at least 10% of the car’s value. If you can’t find any used cars that you like within that budget, is it still possible to get a more expensive used car with $500 down. However, it will be more difficult, and might require you to put down more money on a credit card or line of credit, and will likely increase your interest rate.
At MCMC, you can browse and find the perfect car with in-house financing, with many brands and models to choose from.
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No. It is much better to make as large of a down payment as possible, since it will decrease the amount you pay in interest over the term of the car loan. If you want to buy a used car with $500 down, but are expecting to get more money in the near future, it may even be possible to commit to a bigger down payment, with part of it on layaway.
Also, the better your credit, the more likely your chance of getting approved. However, it is still possible to get a car loan with bad credit.
No. It is possible to put at least part of the $500 down payment on a credit card. However, this is not recommended, as you’ll also be paying interest on the down payment, often at a higher rate than the car loan.