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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Eric Schad
Answered on Jul 03, 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.
“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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