Can a Down Payment of $500 Get You An Auto Loan?

Down Payment is an essential element of your auto loan that determines loan terms and interest rates. You may have come across dealership advertisements that suggest that you can avail an auto loan with little or no down payment. However, is it possible to avail an auto loan with a minimal down payment of $500? Understanding the importance of certain elements can help you answer if $500 can work as a down payment or not.

$500 or More: How much Down Payment is good enough for your New Car?

The following factors will give you a clear understanding on down payment and if $500 is enough for putting money down or not.

1) Credit Score

Lenders and dealerships play an important role in determining the amount of down payment. Many dealerships want to help you to build a good credit score. Bad credit auto loans are a great way to build good credit, especially when your credit score is not perfect. Therefore, you will find dealerships that will provide you with bad credit auto loans on a down payment of $500. However, if you wish to obtain an auto loan from a dealership, you may have to opt for captive financing and you can lose out on other attractive deals in the market. So, it is essential that you check the auto loan contract in detail to find out whether it suits your needs or not.

2) Bad Credit Car Buyers

A low down payment amount is risky for bad credit auto buyers. You should aim for a high down payment if the FICO score is less than 670. Lenders view a down payment as a means to analyze your creditworthiness. Additionally, more the down payment, less the negative equity you carry. As the loan amount reduces with a big down payment, your monthly payments will become affordable. This will ensure regular payments and thus improve your credit score.

3) The Right Amount

Putting $500 of money down may get you approved, but it will not take you far. You will be faced with a big loan amount. The appropriate amount of down payment will differ from lender to lender. However, you should at least put down $1000 or 20% of the car’s value. A decent credit history can make $500 of down payment work. However, if you are dealing with bad credit, it is best to try for more. If there is no way in which you can make a big down payment, you can opt for no money down auto loans. The auto financing program will enable you to seek loan approval without a down payment. Before submitting your loan application, make sure your lender offers no down payment financing options.

Down Payment on Your Next Car: Do the Best you can

A hefty down payment will reduce the overall amount that you borrow from the lender. This will help you to make lower monthly payments and you will be able to enjoy a reduced loan term. Additionally, the interest rates will go down because of your creditworthiness. Save money for a couple of months so that you can put money down easily. There are many benefits to making a down payment, but if you cannot manage it, do not worry. It doesn’t make sense to make a down payment by putting your financial condition at risk. Seek no money down auto loan and buy your new car.

Will Crypto-Based E-Commerce Destroy the Dinosaur-Style Banking Industry?

Banking, as we know it, has been around since the first currencies were minted-perhaps even before that, in some form or another. Currency, in particular coins, grew out of taxation. In the early days of ancient empires, annual taxation on one pig may have been reasonable, but as empires expanded, this type of payment became less desirable.

However, since the Covid situation, not only have we seemed to move to a “cashless” society, (as who wants to handle potentially “dirty money” in a shop), and with “contactless” credit card transaction levels now increased to £45, and now even tiny transactions accepted, such as a daily newspaper, or bottle of milk, get paid by card.

Did you know that there are over 5,000 crypto currencies in use already and of them Bitcoin features highly in that list? Bitcoin, in particular, has had a very volatile trading history since it was first created in 2009. This digital cryptocurrency has seen a lot of action in its fairly short life. Bitcoins initially traded for next to nothing. The first real price increase occurred in July 2010 when the valuation of a Bitcoin went from around $0.0008 to in the region of $10,000 or more, for a single coin. This currency has seen some major rallies and crashes since then. However, with the introduction of what are called “Stable” coins – those backed by the US Dollar, or even Gold, this crypto currency volatility can now be brought under control.

But before we explore this new form of Crypto-based E-Commerce, as a method of controlling and using our assets, including our “FIAT” currencies, let’s first look at how the Banks themselves have changed over the last 50 years or so.

Who remembers the good old Cheque Book? Before Bank Debit Cards came along, in 1987, cheques were the main way of transferring assets with others, in commercial transactions. Then with Bank Debit Cards, along with ATM’s, getting hold of one’s FIAT assets became a lot quicker, and for on-line commercial transactions.

The problem that has always been present with Banks, is most of us needed at least 2 personal bank accounts (a Current account, and a Savings account), and one for each business we owned. Also, trying to move money from your bank account “swiftly” to say a destination overseas, was anything like SWIFT!

The other issue was the cost. Not only did we have to pay a regular service charge on each Bank Account, we also had a hefty fee to pay on every transaction, and, of course, in very rare occasions we would not get any worthwhile interest, on money in our Current Account.

On top of all that, Overnight Trading, every night, using expert financial traders (or, latterly Artificial Intelligence (AI) Trading systems), all of OUR assets would be traded, and with the economies of scale, the Banks became a Major Earner on our assets – but not us! Have a look at the potential business to be made from “OVERNIGHT Trading”.

So, to summarise, not only do the Banks charge a hefty fee for storing, and moving our assets, by the use of clever Trading techniques, they also make hefty profits from trading our money on the Overnight circuit, for which we see no benefit.

The other point is – do you trust your Bank with all your assets?

How about what Bank of Scotland, who were THE Scotland National Bank, now owed by Lloyds Banking Group, have been recently labled, in a September press release that stated “Lloyds Bank Asset Frauds – The Most Serious Financial Scandal of Modern Times.”

Why not Google that web site, and then make your own mind up?

So, now let us take a look at how a Crypto-based E-Commerce system should operate, and how the advantages that the Banks enjoyed with OUR money, can become major profit centre for the Asset Holders – US!

On 10th October 2020, a major new Crypto-based E-Commerce company is being launched – FREEBAY.

Briefly, FreeBay, based in Switzerland, is a company incorporating its own Blockchain technology, with its own SAFE Crypto Coin ( Based on V999 technology ), and enables its members to transfer their FIAT assets into Gold Bullion, removing the need to involve any BANK.

V999: digital gold empowered by the blockchain; a digital token, backed by physical gold V999 Gold (V999) is a digital asset. Each token is backed by one tenth of a fine gram gold bar, stored in vaults. If you own V999, you own the underlying physical gold, held in custody. On top of that, FreeBay members can purchase packages that include powerful Automatic Intelligence-Based Trading Robots.

So now, you can not only achieve total independence from a standard BANK, but you can also trade, like the Banks, your digital Gold assets, in the form of V999 Crypto tokens, on the OVERNIGHT systems, only now you, the asset holder, get the rewards, not the Banks.

But there is even another great advantage in trading V999 Tokens. As you would be the Generic owner of the token, so, like the Banks, every time a V999 token is traded (i.e. sold), say, to purchase Bitcoin, or any other Crypto currency, a Transaction Fee is charged. Every time a transaction takes place, the generic owner of the V999 token gets a small percentage of that Fee.

Note, that once a Trade takes place, and a V999 Token is sold, in exchange for say Bitcoin, or any other Crypto coin, a small %age of that Transaction Fee is paid to the GENERIC OWNER of that token (i.e. YOU). Because Freebay’s objective is to make the V999 Token one of the most sought-after safe Crypto coins, even after your Token has been sold to another Trader, as you are still the Generic owner of the V999 Token, whenever that Token is traded by any other Trader, it is you – the Generic Owner of that Token that gets paid the Trading Commission.

This could not only create a great Passive Income for you, for life, but is Willable to your descendants – and not a conventional bank involved anywhere.

So, the more V999 Tokens you buy, and get into circulation, the bigger and better with your Residual Income – for not just your lifetime, but probably for your dependants – could become a reality.

Interested enough to find out more? Then click here.

OK, if you are looking to participate in the new Crypto E-Commerce environment, using powerful Blockchain security, moving your assets from FIAT currencies, into digital gold, with the all-new V999 Gold-backed Token Crypto Coin, just to protect, and grow your assets, then you are already on a winner. Add to that, the fact that you are cutting out the middleman (the Banks) – and their fees, as well as trading your own assets overnight, using Robots, so that profit is all yours. Then, as you trade your V999 tokens, you get a small part of every trading transaction fee. But on top of that, when your Buyer then trades your Generically owned V999 tokens, you get paid a commission on that as well. All this generating on-going residual income. But then, what if you spread the word to others, and they join your team, you win again – and again… (Click here for a no-obligation link to my team).