How much does the security deposit need to be?
The deposit must be 10% of the amount you wish spend on the car, with a minimum deposit amount of $400.
The deposit gives you Buying Power. Let’s explain Buying Power. If you wish to buy a car for $8,000 you will need to make a deposit of $800. However, if you wish to buy a car for $3,000, the deposit amount must be $400 because $400 is the minimum security deposit amount.