Chevy Down Payment Guide

When it comes to Chevy financing, Wilkinson Chevrolet GMC has your back. We make it easy to take home the right car at the right price, and we’re sharing everything you need to know about the vehicle financing process—starting with the down payment.

Your Credit Score Matters
While your credit score is most important when it comes to vehicle leasing, it still plays an important role in the financing process. It tells lenders how reliable you are to lend money to, which is why drivers with higher credit scores have access to more favorable terms. If your credit score isn’t very high, you may have to put down a larger down payment. If you have a higher credit score, you may need a smaller down payment.

The Down Payment is Just One Factor
Several different factors go into determining your vehicle costs in the long- and short-term, including the down payment. The higher your down payment, the more quickly you’ll be able to pay your vehicle off, which means savings of accrued interest costs. The term length also matters, because a longer term length will mean smaller monthly payments.

Use the 20/4/10 Rule
If you’re looking for a good guide as to how much money to put down on your next vehicle, the 20/4/10 rule is a great start. It recommends that drivers put down 20 percent of the total vehicle cost and that they pay the vehicle off in four years. This rule also recommends that your total monthly transportation costs should be no more than 10 percent of your monthly income.

Begin Chevy Financing in Sanford, NC
The Chevy financing process shouldn’t feel overwhelming, and it won’t be when you visit Wilkinson Chevrolet GMC. Learn more about down payments and other financing factors right here at our dealership.

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