Calculating Your Down Payment on a Used Jeep® SUV

A down payment can be a valuable asset if you’re shopping for a used Jeep® SUV. Are you curious how much you need to save? We’re diving into all the details at Bernard’s Chrysler Dodge Jeep RAM.

Set a Budget

Setting a budget is essential before you start shopping for a new vehicle. Ideally, your monthly car expenses will be under 20 percent of your take-home pay. This includes your car payment, insurance, maintenance, and fuel.

Determine Your Vehicle’s Value

Next, we encourage you to shop online with your wants, needs, and budget in mind. Keep in mind that the advertised price of a vehicle isn’t the total cost you’ll pay. You’ll also owe taxes, interest, and any add-ons you select (such as maintenance agreements or additional warranty protection).

Set a Goal

As a general rule of thumb, you should aim to make a down payment of at least 20 percent. If you have an estimate of your vehicle’s total cost, you multiply that number by .20 to determine your ideal down payment. While 20 percent isn’t a requirement, it’s an excellent goal to strive for.

Utilize an Auto Payment Calculator

We encourage you to utilize an auto payment calculator to see how a down payment can affect your auto payments and the total cost of your loan. Remember that a larger down payment can also help you secure more loan offers because it can help establish you as a responsible borrower.

Visit Our New Richmond, WI Jeep Dealership to Shop Today

Whether you still have questions about your down payment or are ready to apply for financing, we can help. Visit Bernard’s Chrysler Dodge Jeep RAM to chat with our team. We’d love to help you get into a new-to-you Jeep SUV today!