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What does a 90% loan-to-value car loan mean?
I was approved for a 90% LTV car loan. The car I want is a 2019 Audi Q3 with 50,000 miles and a sticker price of $30,000. How much will the car loan cover and how much will I have to pay out of pocket for?
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
A 90% loan-to-value (LTV) car loan refers to a financing agreement where the lender agrees to cover 90% of the vehicle's appraised value, leaving you responsible for covering the remaining 10% of your down payment.
If you choose a 90% loan-to-value loan to buy a car, the lender will assess the vehicle's worth based on factors such as:
- Vehicle make and model
- Vehicle age
- Market demand
- Overall condition of the vehicle
Once the vehicle's value is determined, the lender will finance 90% of that amount—and you will need to provide the remaining 10%.
According to the National Automobile Dealers Association (NADA), a 2019 Audi with 50,000 miles on its odometer is worth around $28,125. Considering that 90% of that value comes out to $25,312.50, you can expect your car loan to cover $25,312.50.
If the $30,000 price you mentioned includes tax, title, and dealer fees, you will owe around $4,687.50 at signing.
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- Gregory R.
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