Tips to Save Up Money for Your Down Payment

Your down payment directly relates to your purchasing power when shopping for a used car with buy here pay here financing. Even with a less than perfect credit score, a larger down payment will make you a better applicant for financing. When down payment is key, here are a few tips we’ve come up with to help save the perfect down payment for your next vehicle.

103_7720Is it the start of the new year or sprint time? File your taxes, and use some or all of those return funds for your down payment.

Budget so that any overtime hours you get will go directly to the down payment fund.

Pack a sack lunch to work for a month. A lunch may end up costing $8-$10 per meal, but when preparing lunch from the store you may be able to have lunch daily for half of that, or less. During an average work month of 20 days you could save nearly $100 or more this way.

If your birthday or a holiday is anytime near your time to purchase a vehicle, ask anyone who wants to give you a gift if they could contribute cash for the ultimate present, the down payment on your next vehicle.

Shop around for your car insurance policy. A small savings can add up in the long run for additional down payment funds.

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