What Car Is Best for the Lowest Price?

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What Car Is Best for the Lowest Price?

Our customers at Doxon Toyota ask us "What Car Is Best for the Lowest Price?" and many of them are surprised with the answers. A common mistake we see people make is assuming that a lower priced car will always get them smaller payments. This is a very simple assumption and it’s not how it works in most cases. Please keep in mind that it is up to the lenders to decide what your monthly payments will be. So let us help you by providing a few tips on getting the lowest possible payments.

What Car Is Best for You

There are a few major factors that help lenders decide what your monthly payments will be, and it is not just the total price of the car. The length of your loan plays a big part in deciding the amount you have to pay each month. If you decide to purchase a cheaper vehicle, most lenders will not favor this and end up giving you a short term loan with higher monthly payments. This is done because of the interest rate on your payments. The longer it takes to pay off your loan, the more money the lender makes, thus offering you lower monthly payments on long term loans. This ties into the other two factors which play a role in lender decision making.

Considering What Car Is Best for the Lowest Price

When thinking about the question "What Car Is Best for the Lowest Price?", please keep this in mind: lenders prefer to finance cars which are under warranty and in good condition. This is due to the simple fact that if a car breaks down, many people will be forced to get another vehicle, thus having to choose which payments to make. When your budget is tight and you need transportation, the choice between a working vehicle and one that is broken down in your garage becomes simple. Because of this, getting a vehicle that has no warranty and shows signs of developing problems will result in lenders offering you a shorter loan at higher monthly payments so they can get their money back quickly, before anything can break down.

At Doxon Toyota, we recommend picking a car which is has a good balance between lower mileage and price. To give you a more detailed answer on "What Car Is Best for the Lowest Price?", we would have to look at our inventory to see what is available. You can do this yourself on our website, or you can come into our location at 3405 Auburn Way N, Auburn WA 98002 and have one of our sale staff help you out.

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