The bigger the chunk of cash you can put down as a deposit, the better. Here are three reasons why:
It could help you get your car loan approved
If you have a deposit, you’re decreasing the amount of money that a bank has to finance, meaning you’ll be applying for a slightly smaller loan. You’re also showing that you can handle your money wisely.
Your monthly instalments will be lower
You pay less interest in the long run
Again, a lower amount that needs to be financed means less money to pay interest on.
So, although it’s frustrating to wait until you’ve saved up for a deposit, it’s worth the effort because it can really help you get a better finance deal.