“That sounds right. Many lenders have a minimum amount they’re willing to finance on used or new cars, so $6,000 doesn’t sound unreasonable.
If you’re worried about what you’re going to pay each month, you could put more money each month toward your car note. This doesn’t actually lower the monthly payment, but it will shorten the length of the loan, effectively having you pay about the same as you would with a lower financed amount.
In the future, see how much a lender is willing to finance or at least shop around, just as you would if you were getting car insurance
. By doing so, you can avoid any of these surprises.
Many lenders do have a minimum amount they’re willing to finance on used or new cars. A minimum of $6,000 doesn’t sound unreasonable.
While it’s unfortunate that you signed all the paperwork and took the car home before the dealership
realized it, it is fixable.
Before agreeing to the new terms and conditions of the loan, be sure you fully understand the agreement and are comfortable with it.
If you’re worried about your new monthly payment, you could see if you can negotiate a lower down payment amount while financing more. By doing this, you may be able to pay down the loan to the original amount of $4,800 or save the extra for your monthly payments.
Don’t forget that your new car needs proper coverage. Use the free Jerry
app to help you find the best deal. Jerry compares rates from the top 50 companies in under a minute, delivering the best deals to your phone.”