How much money should I put down on a $5,000 car loan?
I just graduated from college and I need a car to get to work. I want to finance a $5,000 car, but I have no credit. How much will I have to put down?
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Answered on Apr 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.
“If you get approved for a loan—and that’s a big if since you have no credit—you’ll want to shoot for at least 20% ($1,000).
The chance of getting approved is the real issue here, so you may need your parents to cosign on the loan.
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