If I put a 50% down payment on a Toyota Camry, will it lower my monthly payments compared to financing the entire thing?
If I put 50% down, will my monthly payments be lower, or will they be the same as financing the entire amount? I want to put 50% on a Camry, but only if it will lower my monthly payments.
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Answered on Jul 03, 2021
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“Maybe, maybe not. It all depends on your loan term and interest rate.
For example, if you pay a 50% down payment and do a 24-month loan on the rest, your monthly payments will be decently low.
But if you didn’t put the down payment on the car and you did an 72-month loan, your monthly payments might actually be lower depending on your interest rate.
You should do some math to see what you’ll pay and if a low monthly payment is more important than other aspects of the car loan.”
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