When it comes to Land Rover finance support, look no further than Land Rover Asheville. We believe every driver should have access to the information they need to take home the right car at the right price. That’s why we’re sharing everything you need to know about dropping a down payment for your next Land Rover vehicle.
Your Credit Score Matters
Your credit score plays an important role in the vehicle financing process. It tells the lender how reliable you are to lend money to, and how quickly you’ll be able to pay it back. If you have a high credit score, you’ll have access to more favorable loan terms, like a lower interest rate and longer term length, which means you won’t need to put down as high a down payment. If your credit score is lower, you’ll likely need to provide a higher down payment to qualify for certain vehicles.
Your Down Payment Is One Factor
There are many factors to consider when financing a vehicle, including your down payment. How much you put down will impact how much you ultimately pay for your loan every month, but there are other factors to consider, as well, including term length, interest rate, and in-between costs, like vehicle insurance.
Use the 20/4/10 Rule
If you’re just not sure how much money to put down for your next vehicle, consider the 20/4/10 rule. It’s a guideline that recommends drivers put down 20% of the vehicle’s total value, pay the loan off in four years, and spend no more than 10% of their monthly income on transportation costs.
Begin the Land Rover Financing Journey in Asheville, NC
No matter what your vehicle financing needs may be, Land Rover Asheville is here to help. Learn more about the down payment process with support from our expert finance team — schedule an appointment today!