How Big Should Your Auto Loan Down Payment Be?

cheap used car down payments

Purchasing a car is one of the largest investments we make. It can be a challenging field to navigate especially when considering financing options with bad credit. In order to start rebuilding bad credit, you have to enter into an affordable agreement and make timely monthly payments that you can afford. Most vehicle financing programs start with a down payment followed by a term length agreement, where you choose how long it take you to pay back your lender but some dealerships offer no money down programs for buyers. Choosing how to balance term length and size of down payment can be difficult and should be carefully considered.

How big a down payment do you need?

It’s possible that you won’t need a down payment at all and even those with poor credit can to benefit from these programs. When considering a down payment it should be noted that contributing money upfront can help reduce both your interest rate and your term length. While many factor contribute to your interest rate, a down payment will often afford you a lower interest rate and a lower monthly payment. If keeping your monthly payments low is high on your priority list, then contributing a larger down payment is a must or you selecting a less expensive vehicle.

If you’re credit score is low or less than ideal, you should save up a reasonable down payment so you can secure a better rate. A lower credit score will yield a high interest rate so your best bet is to pay a little more up front. That said, don’t be scared to look around for the best loan rate. If you know your budget and can put forward a 30% down payment but you can get the same or a better rate for only 20% down, hold on to that extra cash.

If a new vehicle is in your future but you don’t need it right away, start putting some money aside. Only you know what’s best for your personal finances and if purchasing a car outright isn’t for you then having a healthy savings to dip into where if you don’t use it all you’ll have a little extra cash for monthly payments if need be. Plus, being able to come to the table with some more money behind you may put you in a better bargaining position. If paying that extra 5 or 10% gets you a lower rate or shorter term, it may be worth it in the long run as the longer you take to pay people back, the more interest you’re going to pay.

While you’ll hear some mixed messages around how much you should be paying, the consensus seems to be that at least 10% down is ideal. We know that this isn’t always possible especially if your need for a new car is sudden. If you can’t manage this or any down payment, speak with a qualified auto loan specialist such as the ones at Frank Myers Auto Maxx in Winston-Salem  and discuss your options. Having bad credit or limited options doesn’t have to prevent you from securing a great quality vehicle at an affordable price.

Frank Myers Auto Talks Turkey About Your Old Car

Dear Neighbors,
Gobble Gobble. Tom Turkey here to let you in on a big secret.  Here we are in the fourth quarter. 2011 is almost over and my chances of survival are decreasing with each passing day. I’m getting really clucking nervous. I’m running around like a chicken with my head cut off (no pun intended and don’t get any funny ideas), looking for places to hide.

One place I’ve found to hide is Frank Myers Auto Maxx. After hanging around all week, I’ve been getting an earful, listening in on their “secret meetings” and I’m sharing this information with you. In return, I beg you to spare me! I don’t want to be your Thanksgiving dinner.
Here’s the scoop from the lot . . .
Seems I’m not the only one getting nervous around here! Tracy Myers from Frank Myers Auto Maxx counts on strong sales in the fourth quarter to reach his goals. Tracy calls it the Fourth Quarter Catch Up. This year, he’s got big goals and a BIG PROBLEM!
Frank Myers Auto Maxx is running out of used cars and there’s no time to buy more. They need to find 213 additional used cars before the end of November in order to “catch up” and meet their goals for the year.
Tracy Myers is running out of ideas and needs your help desperately. Will you sell your old car? Here’s what he’s doing: bring in any and every car you have.
If it’s really old, they still want it. If you’re still making payments, they’ll take it.
If you’re upside down and owe more than it’s worth, let that be their problem. They need cars and they need them now. Even if you owe $2,000 or $4,000 or $6,000 more than it’s worth, they’ll still want it. Myers will pay up to $4,000 more than appraised value for any car, running or not, paid off or not.
It’s the Fourth Quarter Catch Up “Buy Back” Sale!”
Frank Myers Auto Maxx has employed hundreds of people. Most of the team members have been with the dealership 5 years or more, and most of them have families. Myers has an obligation to take care of them. But he can’t do that without cars to sell. That’s why he’s in such a jam.
This whole problem started back in 2008. When the economy got in trouble, car companies slowed down production. Now, exactly three years later, there’s been a HUGE decline in the number of three-year-old vehicles that they can normally buy at the auction. Plus, 2011 has been a record year for Frank Myers Auto Maxx, so they’ve been selling cars faster than they can get them.
Now they have a real mess on their hands and this is the only solution they can think of. Will you help Frank Myers Auto Maxx? They promise to make it worth your while.
Of course, there’s no obligation to buy a car from Frank Myers Auto Maxx. But if it turns out to be the right time, you’ll be able to use all the extra money you get for your old car to get the lowest possible payment on a nicer, newer car.
Past Credit Problems Should Not Keep You From Coming In

Their “EVERYBODY RIDES” program was designed to help even the toughest customers get approved. Short sales, foreclosures, unpaid medical bills, late payments . . . not a problem! They want to help you find a loan that fits your budget.

As an extra bonus, if you sell your old car to Frank Myers Auto Maxx this month, Tracy will buy your family Thanksgiving dinner . . . as their way of saying thanks!
Here at Frank Myers Auto, Tracy Myers believes that everybody deserves to drive a nicer, newer car. They’re on a mission to help everyone they can . . . but they need your help. Will you please help Frank Myers Auto Maxx out?
Please call 336-767-4069 to set an appointment or visit in person at

Frank Myers Auto Maxx Announces May 2011 Sales Pro Of The Month

The Sales Pro of the Month for May of 2011 has been announced by Frank Myers Auto Maxx and the winner is Bruno Ricena.

Ricina is a Certified Non-Commissioned Sales Pro at the Winston Salem used car dealership. Hailing originally from New York, Ricina is excited and passionate about helping folks drive home in the car of their dreams. His enthusiasm about his career of choice is evident in everything he does. Bruno likes to build strong customer relationships that last. He immediately puts new customers at ease with his big smile and respectfully puts his customers first by listening and gaining a thorough understanding of their needs. He brings to the dealership a youthful energy that is sure to attract his fair share of new friends and clients.

Head Honcho, Keith Bowman stated “Bruno’s confidence is contagious and his youthful spirit is second to none. It is no surprise to me that he made sales pro of the month. If he continues to be as great as he was in May, I would expect him to be the sales pro of the month every month.”

Credit Miracle Worker at Frank Myers Auto, Rich Little, stated “Bruno really deserves this honor. He was our top sales professional in May of 2010 and we are all proud of him for celebrating that anniversary by working his way to the top once again. His commitment, professionalism, and loyalty to his profession make it a joy for all of his teammates to be around him on a daily basis.”

Bruno has many happy customers. To read what they have to say, please visit

About Frank Myers Auto Maxx

Tracy Myers is the owner of Frank Myers Auto Maxx in Winston-Salem, NC and he is commonly referred to as The Nations Premier Automotive Solutions Provider. Be sure to get your FREE copy of his free report titled “8 Keys To A Better Car Deal”.

Contact Your Favorite Winston Salem Used Car Dealership

Frank Myers Auto Maxx
4200 N. Patterson Ave.
Winston-Salem, NC 27105 5
(336) 767-3432

Frank Myers Auto Maxx Features The Best NC Used Cars

With an incredible selection of NC used cars and top-notch service its no surprise that the Frank Myers Auto Maxx dealership was named North Carolina’s number one small business.

Showing tremendous growth year in and year out, Frank Myers Auto Maxx has always been one of the leading dealers in the state, but as of recently they’ve moved to the top. Business Leader magazine named Frank Myers Auto Maxx “North Carolina’s Number One Small Business” for 2009-2010. Owned by Certified Master Dealer Tracy Myers, Frank Myers Auto Maxx is a cutting-edge used car dealership that not only offers the best NC used cars available but also provides competitive prices and a friendly atmosphere.

“We’re honored to have been named the number one small business in North Carolina,” says Tracy Myers. “We have received a lot of recognition over the years and won many awards, but being named the best in the entire state of North Carolina stands out because of the selection criteria. We are passionate about our business and to be recognized for excelling in these areas is a tribute to our people and the services they deliver to our clients every day. I’d like to thank them and Business Leader for this honor.”

The Frank Myers Auto Maxx was the only dealership to take home a top honor out of the 412 finalists. The magazine selected the winners based on customer satisfaction scores, business achievement, community involvement, profit (both gross and net), and overall company growth. Business Leader magazine is a North Carolina based publication that focuses on companies, leaders, and trends in the state’s diverse business community.

Enjoy A Great Selection Of NC Used Cars

With an extensive inventory of used cars, trucks, and SUVs, Frank Myers Auto Maxx has something for everyone. They carry vehicles from all of the top automakers including Chevy, Ford, Dodge, Honda, Nissan Toyota, Chrysler, Volkswagen, Jeep, and more. As the relied upon dealership for auto shoppers interested in quality NC used cars, Frank Myers Auto Maxx enjoys helping car buyers find a car they’ll love at a price they’ll like.

Frank Myers Auto Maxx isn’t just home to the best NC used cars; they also offer a state-of-the-art service center. Staffed with well-trained technicians, Frank Myers Auto Maxx has all of you automotive needs covered. Proudly serving all area auto shoppers and owners, Frank Myers Auto Maxx is open five days a week and conveniently located at 4200 North Patterson Avenue in Winston-Salem.  

For more information about available used cars visit their website at or call 336-767-3432 today.

About Frank Myers Auto Maxx

Tracy Myers is the owner of Frank Myers Auto Maxx in Winston-Salem, NC and he is commonly referred to as The Nations Premier Automotive Solutions Provider. Be sure to get your FREE copy of his free report titled “8 Keys To A Better Car Deal”.

Contact Your Favorite Winston Salem Used Car Dealership

Frank Myers Auto Maxx
4200 N. Patterson Ave.
Winston-Salem, NC 27105 5
(336) 767-3432