Welcome, Jake! If you’re in the market for a car, you know that a down payment can be a significant hurdle to overcome. Luckily, there are options available for people who don’t have a lot of cash to put down. One of those options is 700 down payment cars for sale. In this article, we’ll go over everything you need to know about this type of car buying.
Introduction
What are 700 down payment cars?
700 down payment cars are vehicles that are available for purchase with a down payment of $700 or less. These cars are often sold at buy-here-pay-here dealerships, which means that the dealership finances the purchase rather than a bank or credit union. This can be a good option for people who have poor credit or no credit, as these dealerships often have more lenient requirements than traditional lenders.
How do they work?
When you purchase a 700 down payment car, you’ll typically be required to sign a contract that outlines the terms of the financing. This will include the total cost of the car, the amount of your down payment, your monthly payment, and the length of the loan. You’ll typically make your payments directly to the dealership rather than to a bank or online payment system.
What are the benefits of 700 down payment cars?
One of the biggest benefits of 700 down payment cars is that they can be a good option for people who have poor credit or no credit. Since these dealerships finance the car themselves, they may be more willing to work with people who have a less-than-perfect credit history. Additionally, because the down payment is so low, it can be easier to come up with the cash to purchase the car.
Another benefit of 700 down payment cars is that they can be a good way to build credit. As long as you make your payments on time, you’ll be establishing a positive credit history that can help you in the future when you’re looking to finance larger purchases like a house or another car.
What are the drawbacks of 700 down payment cars?
While there are benefits to purchasing a 700 down payment car, there are also some drawbacks to consider. One of the biggest drawbacks is that these cars are often older and may have higher mileage than newer vehicles. This can mean that you’ll need to be prepared for potential repairs or maintenance costs down the line.
Additionally, because these cars are often sold at buy-here-pay-here dealerships, the interest rates may be higher than what you’d find with a traditional lender. This can make the overall cost of the car higher, which can be a concern for people who are on a tight budget.
What should you look for when purchasing a 700 down payment car?
When you’re looking to purchase a 700 down payment car, there are a few things you should keep in mind. First, make sure you understand the terms of the financing before you sign any contracts. This includes the total cost of the car, your monthly payment, and the length of the loan.
You should also take the time to inspect the car before you purchase it. Look for signs of wear and tear, and take the car for a test drive to make sure it feels comfortable and runs well.
Are there any risks associated with 700 down payment cars?
Like any type of financing, there are risks associated with 700 down payment cars. One of the biggest risks is that you may end up paying more in interest than you would with a traditional loan. Additionally, because these cars are often older, they may require more frequent repairs or maintenance.
It’s also important to make sure you’re working with a reputable dealership when purchasing a 700 down payment car. Do your research, read reviews, and ask for recommendations from friends or family members to ensure that you’re working with a dealership that you can trust.
How do you avoid scams when purchasing a 700 down payment car?
Unfortunately, there are some unscrupulous dealerships out there that may try to take advantage of people who are looking to purchase a 700 down payment car. To avoid scams, make sure you’re working with a reputable dealership that has been in business for a while. Read reviews online, and ask for recommendations from people you trust.
You should also be wary of dealerships that try to pressure you into making a purchase. Take your time, do your research, and make sure you’re making a decision that’s right for you and your budget.
Advantages and Disadvantages of 700 Down Payment Cars
Advantages
1. Accessible Financing Options
One of the most significant advantages of 700 down payment cars is that they make car ownership accessible to people who may not be able to afford traditional financing options. This is particularly true for people who have poor credit or no credit history. By working with a buy-here-pay-here dealership, you may be able to secure financing that you wouldn’t be able to get through a traditional lender.
2. Low Down Payment
Another advantage of 700 down payment cars is that they require a low down payment. This can make it easier for people to come up with the cash needed to take ownership of the car. For people who are struggling to save up for a down payment or who don’t have a lot of cash on hand, this can be a significant advantage.
3. Opportunity for Credit Building
As we mentioned earlier, 700 down payment cars can be a good way to build credit. By making your payments on time, you’ll establish a positive credit history that can help you in the future when you’re looking to finance larger purchases like a house or another car.
4. Flexible Payment Terms
Another advantage of working with a buy-here-pay-here dealership is that they may be more willing to work with you if you’re having trouble making your payments. This can mean offering flexible payment terms or even waiving late fees in some cases.
Disadvantages
1. Higher Interest Rates
One of the biggest disadvantages of 700 down payment cars is that the interest rates can be higher than what you’d see with a traditional lender. This can make the overall cost of the car higher, which can be a concern for people who are on a tight budget.
2. Older Cars
Another disadvantage of 700 down payment cars is that they are often older vehicles. This can mean that they have higher mileage and may require more frequent repairs or maintenance. If you’re not prepared for these expenses, they can quickly add up and make the car less affordable than you initially thought.
3. Limited Selection
Because the inventory at buy-here-pay-here dealerships is often limited, you may not have as much selection when it comes to choosing a car. This can be frustrating if you have a particular make or model in mind.
4. Potential for Scams
As we mentioned earlier, there is a potential for scams when purchasing a 700 down payment car. It’s essential to do your research and make sure you’re working with a reputable dealership.
Table of 700 Down Payment Cars for Sale
| Make | Model | Year | Price | Monthly Payment |
|---|---|---|---|---|
| Ford | Fiesta | 2010 | $5,995 | $150 |
| Chevrolet | Cobalt | 2008 | $4,995 | $125 |
| Dodge | Avenger | 2012 | $7,995 | $200 |
| Hyundai | Elantra | 2011 | $6,995 | $175 |
| Kia | Optima | 2009 | $5,995 | $150 |
Frequently Asked Questions
1. Can I get a 700 down payment car if I have bad credit?
Yes, you may be able to get a 700 down payment car even if you have bad credit. Buy-here-pay-here dealerships often have more lenient requirements than traditional lenders, which can make it easier to secure financing.
2. Will I need a co-signer for a 700 down payment car?
It depends on the dealership you’re working with and your credit history. Some dealerships may require a co-signer if your credit is particularly poor, while others may not.
3. How long do I have to pay off a 700 down payment car?
The length of the loan will vary depending on the dealership you’re working with and the car you’re purchasing. Typically, loans are between 12 and 36 months.
4. Can I trade in my old car to put towards the down payment?
It depends on the dealership you’re working with and the value of your old car. Some dealerships may allow you to trade in your old car to put towards the down payment, while others may not.
5. Can I negotiate the price of a 700 down payment car?
It depends on the dealership you’re working with. Some dealerships may be willing to negotiate the price of the car, while others may not.
6. Are 700 down payment cars reliable?
It depends on the car you’re purchasing and its maintenance history. While some 700 down payment cars are reliable, others may require frequent repairs or maintenance.
7. How much should I expect to pay in interest for a 700 down payment car?
The interest rate will vary depending on the dealership you’re working with and your credit history. It’s best to ask the dealership for specifics about the interest rate and how it will impact your monthly payments.
Conclusion
Should you consider a 700 down payment car?
Ultimately, whether or not a 700 down payment car is right for you will depend on your individual circumstances. If you have poor credit or no credit history, and you’re struggling to come up with the cash for a down payment, a 700 down payment car may be a good option to consider. However, it’s essential to carefully weigh the advantages and disadvantages and make sure you’re working with a reputable dealership.
Take Action Today
If you’re ready to start shopping for a 700 down payment car, do your research and make sure you’re working with a reputable dealership. Take the time to inspect the car before you purchase it, and make sure you understand the terms of the financing before you sign any contracts. By following these tips, you can feel confident in your purchase and enjoy the freedom of owning your own car.
Closing Words
It’s essential to note that while 700 down payment cars can be a good option for some people, there are risks involved. You may end up paying more in interest than you would with a traditional loan, and the cars themselves may require more frequent repairs or maintenance. It’s essential to carefully consider the advantages and disadvantages before making a decision and to work with a dealership that you can trust. Good luck!
