Let’s say you have good credit, and you are looking to buy a new car. What percentage of the cost do financers typically like to see you have to get a good interest rate?
What Percentage Down Payment Is Best To Have When Buying A Car?
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20% is ideal. I put down 10% though because the car wasn’t very expensive. & Yes that is a great down payment on a car. It will lower your monthly payments.
There is no “best percentage”. Why would one percentage be better than another? Finance it all if you have good credit, or put whatever down you wish. That’s completely up to you.
Put enough down to get a comfortable payment, or finance it all. It’s your choice.
I don’t understand why one percentage would be better than another…please fill me in on that one!
“Say a borrower buys a 20k car and finances it all, he drives it off the lot and it is now worth 18k. That borrower never makes a payment (lets say he gets hurt or loses his job the next day), and the bank repossesses the vehicle. The bank will then sell the car for what they can get for it, and at best they get that 18k. They are now out 2k because the borrower never made a payment and might not ever.”
You know what then, MAKE YOUR F&*KING PAYMENTS. AND, you are out more than 2K. You will be out a hell of a lot more than that. Putting a couple grand down on a car is not going to help you at all if it gets repoed. Stupid scenario. It will be sold at auction and that mere 2000 is not going to help…trust me on this (18+ years in the car business)
“If that same borrower had financed 18 or less on that car with the same situation, the bank still makes money or at least breaks even. That is why one percentage is better than another, and you may get a better rate with different down payments”
Rate is the same when you are talking a few grand. The ONLY way to get a lower rate is to be in an equity situation, which would take about 50% down or more…so to answer your question “what is a good percentage”…well, 50% or more.
Type all the other BS you want, but the few percentage points you are talking about is not going to make a difference at all.
You seen to have all the answers, so why did you even ask a question? Why not just answer them…oh wait, you already did that and are wrong there too:http://answers.yahoo.com/question/index;…
20%