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Is putting 30% down on a loan for a Ford Explorer a waste of money?
"I recently purchased a Ford Explorer and I put 30% down. After talking to friends, they were shocked at the amount of my down payment.
Did I put too much down on my car loan? Was it a waste of money?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“The more money you make toward a down payment, the more money you’ll save on interest.
If you can comfortably put 30% down, there’s no reason not to do so. You’ll save a ton of money on interest over the life of the loan.”
Perhaps your friends are not financially savvy, or maybe they’re unfamiliar with how interest works on car loans. Either way, don’t worry about what they say. You made a smart financial move.”
View full answer
- Gregory R.
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