How to Save for a Larger Down Payment for a Car

Car

The larger your down payment, the lower your debt, interest rate, and interest owed. The most effective way to save a larger down payment is to automatically set aside a portion of each paycheck. With direct deposit, your employer can split your paycheck between checking and savings accounts.  Or, ask your bank or credit union to regularly transfer a certain amount from your checking account to your savings account. Also, ask your financial institution about other savings products that can help you save more. If you need assistance finding money to save, check out our savings tips and strategies!

More car buying resources:

Take the Pledge

I pledge to save money, reduce debt, and build wealth over time. I will encourage my family and friends to do the same

Take the America Saves Pledge

Tip of the Day

  • .@MyFreeTaxes = free tax prep + filing help for qualified ppl w/combined income of $62k or less >> http://bit.ly/2hZ1d9c v/ @AmericaSaves

Share Your Tip or Story

And if we feature you in our newsletter, you get $25.

Share

Saver Stories View all »

Saving Early: Key to Successful Future

For Johnnie Lovett, a Young Illinois Saver, saving has been a habit since he was a teenager. “As a teenager, I was responsible for buying certain things with my allowance,”

Read more...

Getting Out of Debt

In 2004, Tonya Shelton was facing financial ruin. Barely making more than minimum wage and having lost her home to an unexpected family crisis, Shelton and her family were forced to live in a rundown hotel.

Read more...

Starting Over

Until last summer, Michael Lindman spent money freely. “I was a union truck driver for 35 years and had a good income,” said Lindman. “I owned my own home, saved a little, and tried to live within my own budget. You always think there’s going to be that much coming in, but things can change in a split second.”

Read more...

Receive Updates

Sign up for Texts

Sign Up

Sign up for Emails

Get Emails

Take the Pledge

Start Saving