The magnitude of the down payment will depend on whether you desire a new or used car. the less money upfront to put toward a loan, the more interest will need to be paid. a new car typically requires at least 10% and possibly up through 40% depending on the finance company and what they offer. for a used vehicle, this can go as low as 1%. this is simply because it costs less for banks to invest in cars already accounted for by themselves as opposed to those that are still becoming valuable commodities. let's use an example where you're buying a brand-new honda at 41% from 0%. your monthly payments would be $150 if you wanted 15% down ($3320), but only 120 monthly payments
How much should you put for a down payment on a car?
The more down payment a vehicle requires, the more money is required up front. generally, a person with good credit and a high income who can afford to make larger payments will want to put down less of a down payment. if you have poor credit or cannot afford large monthly car payments, it is best for you to get more of a refund from the lender after purchasing your vehicle. remember that investment grade vehicles also need lower down payments!
how much should you put down on a $30000 car?
this is a difficult question. call of local, knowledgeable car dealers and they can tell you an appropriate amount for your budget.
a better question might be why are you looking to purchase a $30000 automobile? a $3000 vehicle may fuel fuel efficiency of gas mileage and insurance rates, but be less appealing in terms of speed, safety features, durability, look/style, etc., which usually trump fuel savings when people are deciding what kind of car to buy. regardless of the answer to this
how much should i put down on a $10000 car?
well, it really depends on your credit score and income level. the best way to figure out is to contact a few lenders for quotes. but in general, the amount you put down will be between 10% and 35% of the purchase price: that is, if you buy a $10,000 car then your down payment should be between $1,000 and $3,500; if you buy a $100,000 car then your down payment should be between $10-35 thousand dollars. there are some other factors to account for as well before figuring out what's appropriate for you so best thing is just to get on with contacting local dealerships or brokers!
if this answer has been helpful please feel free
is $1000 a good down payment for a car?
the answer to the question may vary depending on a number of different factors. for instance, what is the quality and how new is the vehicle? does it have any special features? what car dealerships are potentially in that price point?
a general rule-of-thumb for good down payments would be below 10% of a car's sticker price, though people who haven't owned a car in at least two years would generally be eligible for better deals.
