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?"

Answer
“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.”
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Eric Schad
Answered on Jul 23, 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.
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