Getting ourselves a car is like one of almost everyone’s life goals. Finding the most suitable car can be a bit of work, though. We would aim for more affordable cars with the best quality in its league. USD 500 down car lots Houston TX are not uncommon but still a big deal. Those car lots offer a low down payment on the car purchase. It will let you put down only USD 500 to bring a car home! Whether you are a first-time car buyer or it’s your third car purchase, a low down payment is good news to everyone.
How does down payment work?
For first-time car buyers out there, you need to know how a down payment works. A down payment is the amount of money you pay up-front when you buy an expensive item. In this case, cars. The amount you pay affects the size of your loans. The more money you put down, the less payment you need to pay monthly. As mentioned by Experian, a 20% down payment is an ideal amount to purchase a new car. For a used car, 10% of the price is acceptable as its value has depreciated.
Dealers would do a background check on you and go through some of your financial documents. This helps both the dealer and the customer to decide on the right down payment. It’s also to get the best finance option that fits within your budget. That way, it’s less risky and you could avoid future financial problems, or worse, having your car taken by a repo man. Your credit score greatly affects the final amount that you have to put down. It’s better to have a high credit score, as the dealer will consider the customer as a good risk.
USD 500 Down Car Lots in Houston TX
In Houston, one of the most popular cars is the Ford F-150. Its most affordable model is sold new at around USD 30,400. According to Experian, the average car loan down payment in 2019 was 11.7%. It means you would need to pay USD 3,556 up-front! Luckily, there are many USD 500 down car lots Houston TX provides as your option. You can even put down as low as USD 100! Although they don’t sell new cars, you can still find used cars with good quality. Find cars with low mileage and a decent machine, then you are good to go.
Making low down payment sure has its own risk. A low down payment means you will likely have a bigger loan. By paying a lesser amount up-front, you will have the option to choose a longer loan term that comes with interest. Paying off your car faster would be better for your finance. But sometimes you can only put down as much money as you can afford. And we got you covered! We list down some of the best car lots with USD 500 down payment in Houston TX, where you can bring home a car with a low down payment. In case you are also looking for one in Missouri, here’s a list of Best Buy Pay Here in Springfield.
DriveTime is one of the more popular used car lots in the U.S. They have four dealerships in Houston. One of them is at 17930 Northwest Fwy. Another one is at 6335 Southwest Fwy. DriveTime is open to various credit scores, even if you have no credit at all. The amount of down payment that the customers need to pay will vary. It depends on their financial situation and the price of the car they choose. We recommend you to visit their website to find out the required down payment before you go to the dealership.
They also have a 45-day hold on the vehicle policy. It gives customers more time to gather money for the down payment. Some of the customer reviews on DriveTime said that they were approved for a USD 400 and USD 500 down payment for cars in good condition.
Best Car For Less
Best Car For Less is located at 3410 Dunvale Rd. They offer some financing options, customizable to your need. But first, they will assess their customers according to their criteria. To get to the pre-approval process, you can go to their website. They will ask you to fill out their online application. They make sure the server is safe and secured so you don’t need to worry about sharing your private information. Next, make an appointment to test drive. You have to bring your Driver’s License and some documents on your visit. The required documents are insurance proof, income proof, and residency proof. After getting their approval, you will get the loan details. Based on the result, you can qualify for a low down payment of USD 500. Some of their lowest risk customers even get to make no down payment!
500 Below Cars
If you are looking for a new car in hurry, try to contact 500 Below Cars. 500 Below Cars have been serving its customers for 40 years. They are selling their cars at three price points, all below USD 500. You can pick the monthly payment that suits you best: USD 300, USD 400, or USD 500. 500 Below Cars have an ongoing offer of low down payment. The qualified applicants will be able to get a car with just a USD 500 down payment! To get the special offer, you need to fill out the designated form before October 15th each year. You can go to their website for more details. You can also come by their Houston dealer at 333 N Loop W.
Dixon Motors have some car financing options for all kinds of financial condition. They are saying that the down payment starts at USD 1000, but some reviews on the net said they brought home a car with only USD 500. It seems that you can make a down payment for as low as USD 500 depending on approved income, credit, and car availability. Don’t worry if you have a bad to no credit — they will help you qualify for an auto loan from various lenders in Houston. Aside from the website, you can also find Dixon Motors at 7902 North Fwy.
Vista Cars & Trucks
The reviews on Vista are more on the positive side. Some of them even made their third car purchase with Vista. When you first access their website, they will greet you with an offer of a USD 500 relief coupon. Due to Covid-19, Vista wants to help them get a car despite the financial difficulty. You can use the coupon to cut your total down payment. For more details, you can go check their website. You can search for cars according to its year, model, mileage, and price. They list their cars down with details like engine and VIN. Although it’s quite practical, the site’s interface can be a bit confusing. If you prefer to directly contact them, you can dial (281) 445-1800 or visit them at 7955 Veterans Memorial Dr.
Cars Under 500 Dollars Down
Unlike the other 500 down car lots Houston TX on the list, Cars Under 500 Dollars Down plays the game through the web. They have been in the game since 1999, helping people to find the best deals on used cars. It’s an online platform that connects the buyers to used car dealers across the United States. They got some states covered, including Houston. If you go to their website, there is a space for you to fill in your zip code so they can recommend you the nearest car lots.
You can also choose your preferred down payment amount. Living up to its name, it ranges from only USD 0 – 500! Then, they will ask for your basic information. This includes your monthly income, residential information, and employment information. If your monthly income is USD 1700 or less, there will be an option to add a co-buyer. Them and up to five participating dealers will then contact you to let you know the best deals they can offer you.
That was six of the best USD 500 down car lots Houston TX has. But before getting a new car at USD 500 down, you have to be aware of what your decision would bring. Getting that USD 500 down car means you shouldn’t expect the car to be brand new — it’s most likely a used car. You would likely need to choose from a limited range of car types. Many of them also sell cars with high mileage so you have to be careful in choosing your car. Financially, making a smaller down payment may lead to a longer loan term. Due to the interest rate, you could even owe more than the initial price of your car.
Make sure you have planned your monthly finance. Save a fixed amount of money each month for your monthly payment. With thorough research and careful planning, you could still find the car that suits you best without ripping your wallet. And if you are all set, go get that car and hit the road!