Expert Advice for Car Down Payments

All Questions on Car Down Payments

Can a dealership demand a higher down payment after the contract is signed and approved through the bank?
I was approved through a lender for a $1,000 downpayment on my car. I signed the contract, but now the dealership is saying they need another $1,000 because the bank said so. When I called the bank, they didn’t know what the dealership was talking about, and now I’m unsure what to do. Can the dealership require this?
Jack Walsh
Dec 14, 2021
How does a down payment affect a car loan?
My old Nissan finally broke down for the last time and now I’m in the market for a new car. I’m considering buying something new and getting a car loan to cover the cost. I have a large amount of cash saved up for a down payment, but I’m not sure if it's necessary. How does a down payment affect a car loan?
Chloe Jenkins
Nov 23, 2021
What's a general guideline for financing a certified pre-owned vehicle?
I'm going to finance a certified pre-owned vehicle, but I'm not exactly sure what rate or term I should go with nor how much to put down. Are there any guidelines for financing a certified pre-owned vehicle?
Eric Schad
Feb 24, 2022
Is it worth it to make a very small down payment on a car loan, such as $500 or $1,000?
Is it worth it to pay a small down payment? I've heard that you should always make some sort of down payment on a car loan. However, I only have about $500 or $1,000 to put toward the down payment.
Eric Schad
Feb 24, 2022
What is the average monthly car payment?
I’m trying to decide whether I should lease or finance a new car, but I’m not sure what to expect. What do most people pay each month for their car payment on average?
Jason Tushinski
Feb 21, 2022
What can I expect when financing an expensive used car?
"Does this seem possible or should I wait until I have a large down payment? I can afford a $50k-$70k car if I can get a 5-year loan at around a 5%-interest rate. My income is around $150k per year and my credit is 770. Is dealer financing better or should I go to a bank or credit union?"
Johnny Puckett
Feb 24, 2022
Do I need to make a down payment before getting a car?
This is my first time buying a car, and I’m trying to understand how car-related finances work. I’m already planning on paying on my loan every month. Do I still need to make a down payment?
Joshua Levy
Dec 22, 2021
How long should my car loan be?
Is it better to get a longer loan and save on the monthly car payment? While going over financing options I was given the choice between 48, 60, and 72 months. The payments are less the longer I go, but the total amount that I will pay for the car increases with the longer loan.
Johnny Puckett
Feb 24, 2022
Are there any additional fees after putting money down to finance a car?
My dealer requires a $1,000 down payment, which is fine. My question is whether I need to pay any additional fees after paying that $1,000 to drive it off the lot. Will I need to pay more than my $1,000 down payment to take the car?
Joshua Levy
Dec 07, 2021
Will I get my down payment back on a not-at-fault total loss?
I recently got into a car accident, and luckily, everyone is safe, but my truck is totaled. I just bought my brand new 2022 GMC 1500 Sierra six days before the accident (there’s not even 800 miles on it). I am concerned that I will lose my $10k down payment. I have gap insurance, but it only covers what I owe.
Jack Walsh
Dec 07, 2021
What is the least amount of money I can put down on a car loan?
"How much money will I need to put down on a car loan? I need to buy a new car but I do not have much savings that I can use as a down payment."
Johnny Puckett
Feb 24, 2022
Should I finance a $9,000 car if I have $20,000 in savings to pay for it?
Should I pay cash for the car or should I finance all or a portion of the vehicle? I have $20,000 saved up to buy a car. After shopping around, I found the one car I like is only $9,000.
Eric Schad
Feb 25, 2022
Can a car dealership demand a larger down payment after I've already signed the paperwork for the loan?
Can the dealer change the loan terms after I already signed the loan? I financed a car through a dealer and signed the papers. Now they're threatening me with repossession if I don't make a larger down payment on the vehicle.
Eric Schad
Feb 24, 2022
What's an acceptable down payment for a Lamborghini?
What would be a good amount for a down payment? I want to buy a Lamborghini, but I don't want to pay straight cash for it.
Eric Schad
Feb 24, 2022
Can you get car insurance without a down payment?
I don't have enough money for a down payment, but need car insurance. Are there any companies that offer car insurance without a down payment?
Emily Maracle
Aug 11, 2021
How much does it cost to start car insurance?
I've never had my own car insurance policy and I need to understand the costs. How much will I pay to start car insurance?
Carlos Kirby
Nov 04, 2021
How much do you need for a car loan?
I’m 55 years old and have spent my entire life living in major cities where it wasn’t necessary to own a car. However, I recently moved to the suburbs to be closer to my children and grandchildren and need to purchase my first car. I understand the basics of how a car loan works, but how much do I need? Are there fees or mandatory down payments?
Jack Walsh
Dec 15, 2021
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.
Eric Schad
Feb 24, 2022
What is a good car payment that the average person can afford?
What can I expect for an average monthly car payment? I need to buy a car and am just now going over my financing options. I have a decent job making about $3k per month and decent credit so I’m not worried about qualifying for a car loan but I am worried the payments will be too high.
Johnny Puckett
Feb 24, 2022
Should I finance all or some of a new car?
"Is it better to pay cash for a used car? I am planning on buying a used car and have negotiated a price. At $30k I can pay for most of the car out of pocket."
Johnny Puckett
Feb 25, 2022
Is a 48-month car loan too long or too short?
Is a 48 or 60-month loan ok or should I go with a 36-month loan? I am looking over my car loan options. While I did qualify for a good interest rate, the payments at 36 and 48-months still seem a bit high.
Johnny Puckett
Feb 24, 2022
Should I buy a car outright with my total loss settlement money?
"Should I use the settlement money from my totaled car as a down payment for a new car or buy a used car outright? I recently got in a wreck in which my Honda was considered a total loss. The insurance gave me the full value of the car, which is more than enough to pick up a decent used car of the same value."
Johnny Puckett
Feb 25, 2022
How do I pay for a vehicle with cash and financing?
I'm a first-time car buyer. I want to know how to pay for a car if I'm financing through a credit union but making a down payment in cash? Do I give the down payment to the lender? How do I receive the funds for the rest of the car?
Eric Schad
Feb 24, 2022
Do car dealerships want a big down payment on a vehicle?
I'm looking at a Honda Civic that costs $25,000. I have $12,500 for a down payment. When I told the salesman, he gave me a weird look and said that was probably too much to put down. I've heard from other people that a large down payment means that car dealers are more likely to give you a deal.
Eric Schad
Feb 24, 2022
How much do I need for a Dodge Challenger down payment?
After several years of saving, I think I’ve finally built up enough money to buy the muscle car of my dreams—but I want some confirmation. How much do I need for a down payment on a Dodge Challenger?
Drew Waterstreet
Apr 05, 2022
Who receives the down payment for a vehicle?
I'm putting $5,000 down on a $25,000 vehicle. I'm wondering who gets the check. Does my lender or the dealer receive the down payment?
Scott Michonski Testing
Feb 24, 2022
How do you lower interest on a car loan?
I need to get a new car, but I can’t afford the interest rates on most of the car loans that are available to me. Is there something I can do to lower them?
Liz Jenson
Dec 08, 2021
Why can’t I get a car loan?
I recently applied for a car loan and didn’t get it, but I’m not sure why. Why can’t I get a car loan?
Will Baldwin
Dec 09, 2021

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