Credit & Down Payment Information for Used Cars

Video Transcript

"ERIK RINCON: Hi, this is Erik for ExpertVillage.com. Today, we will be talking about how to buy vehicles here at Inland Empire Auto Center. When you're financing a vehicle, the best thing is that when you have real, good, positive credit, you will be able to have real, good low interest rate with less money down and less, pretty much, payment time issued. Now, when you're credit is not so good, normally you're going to have to put up more down payment to finance a smaller amount of vehicle. And, you know, so it's based on your credit that you'll be able to pretty much establish and finance yourself on the way. Down payment with something that you have to put down as far as taxes, license, government fee, what the bank requires for you in order to drive off the vehicle. Once you put the money down for the down payment on the vehicle, that loan gets reduced from the amount that you actually financed in the one amount sum. Now, the bank sees it as a requirement, which is about 10 to 15, 20% based on the credit status, they'll go ahead and approve your loan for the dollar amount that you financed into the vehicle."