When should you pay your car down payment?
We have been involved in the car dealership business for almost a decade, and we have heard that so many people have been fooled by some of the car dealers who asked them to pay down payment prior to their loan approval. This is not supposed to happen. Before we continue to discuss about this, you need to know the difference between down payment and booking. They are not the same.
Booking should be made when the car model that you want to purchase is not ready stock, and you are advised to make the booking so that your name will be on the system. Let’s say that the waiting period for one model is 3 months, and booking should be made 3 months earlier than the expected date of car delivery.
Down payment is another thing. Down payment should not be paid prior to the loan approval. For some customers who have a hard time getting their loan approved by the bank, they should be aware of this. When the down payment has been paid to the dealer, you’ll never know where the money will go to. It will be even worse when your loan is not approved, and you’ll need to get the money back from the dealers. You’ll be lucky if you’re dealing with a professional and trustworthy dealer, but what if he is not? He could just run away with your money.
There’s also one case where the customers were told that they would get their car early if they pay down payment early. There’s no such thing. That’s all nonsense. We know that customers always try to find the best promotion by the dealers, but not all dealers are trustworthy. As a customer, you need to check their background before any transaction is made to them. Even if you are not interested to purchase with our team, we hope that you are aware of these issues.
For those who are new on this site, our teams sell different model of cars that include Proton, Perodua, Naza Kia, Toyota, Hyundai, Honda, Ford, Mazda, Nissan, Suzuki and etc. For any inquiries on any of these models, feel free to call us at 019-3559448.