Can I pay for a car half in cash and half in a loan?
"I want to buy a car, but I only have 50% of the cash of the asking price.
Can I get a loan for the other half?"
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Answered on Jul 27, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“Yes, you can definitely do that. In fact, borrowing less money on a depreciating asset is always a smart move.
Obviously, you’ll need decent credit and income, but a 50% down payment usually puts a lender’s mind at ease.
Note that you’ll also need to pay for full coverage car insurance as part of the loan, so budget for that as well.
Other than that, you have a great plan to get the car you want while paying far less interest than those with no down payment.”
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