As you start the exciting process of purchasing or leasing a Volvo vehicle, you get to pick the style, color, and bells and whistles that your next mode of transportation will have. Since financing the vehicle with your Volvo financial team is also an important step in the process, you’ll also need to consider what your down payment will be. To help you along the way, Fields Volvo Cars Northfield has put together this down payment guide.
How Much Should a Down Payment Be?
Your down payment will depend on whether you’re purchasing or leasing a new or pre-owned vehicle. Generally, a larger down payment means smaller monthly payments, and sometimes a shorter loan term. What you put down depends on your lifestyle and financial situation. Fortunately, our Volvo financial team will help you determine the best loan or lease structure for you.
Does Credit Score Affect Down Payment?
Purchasing a vehicle isn’t only for drivers with good credit. There are plenty of financing options available if you have little, no, or poor credit. Just talk to the finance department at our Volvo dealership near Chicago about how your specific credit score will affect your down payment.
Purchase Versus Lease Down Payments
Since leasing a vehicle is similar to renting it for an extended period, leases don’t always require a down payment. However, similar to making a purchase, signing a lease with a down payment may reduce your monthly costs.
Get Volvo Financing from Our Experts in Northfield, IL Near Chicago
When you’re ready to purchase or lease a vehicle, come by Fields Volvo Cars Northfield. Our friendly sales team will show you our great selection to ensure you get the vehicle you love, and our Volvo finance experts will help you determine your down payment so you can drive off our lot the same day!