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Can you get a loan to cover the down payment required for an auto loan?
Wiki User
∙ 10y ago
Technically yes. The problem is that any outstanding loans you have affect your credit rating, so getting a loan to make a down payment is probably not the cleverest idea in the world... you'll most likely wind up with a higher rate of interest, assuming that you even still qualify for the auto loan at all.
More to the point: if you need a loan to cover the down payment, you shouldn't buy it, because you almost certainly won't be able to afford it in the long term and you'll wind up with: a default ding, a repo ding, and you'll still have to pay the difference between what you agreed to pay for the car and what the car is actually worth wholesale .
The one exception would be if you know, absolutely, without question, that you'll be getting a substantial sum of money in the near future that you can use to pay off the down payment loan. Though in that case you should probably just wait to buy the car until you have it.
Wiki User
∙ 10y ago
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Is it better to finance an auto purchase with a small down payment and high monthly payments or high down payment and small monthly payments?
It is better to finance an auto purchase with a high down-payment and a low monthly payment, because it is less likely for you to fall behind on your payments and acquire debt.
How much down payment is required on a loan of 40000.00 if the down payment percentage is 20 percent?
20 percent of 40,000 is 8,000.
How much of a down payment would be required for a house costing 150000?
You don't ever have to put a down payment down (unless your lender bank requires you to), however 20% of the value usually is the norm. We bought our house with NO down payment.
How Much Down Payment Is Required In Equipment Leasing Agreement?
It depends if you are a start-up or not. In some instances a down payment can be a requirement for leasing equipment. Usually the minimum down payment would be equal to two monthly lease payments.
When is mortgage insurance typically required?
when the down payment is under 20% of the homes purchase price -kaya :)
How does a car payment calculator work?
Car Payment Calculators estimate the monthly payment you'd be required to make based on the cost of the automobile, your down payment, and interest. Once you enter the cost of the vehicle, your down payment, your interest rate and the length of your loan, it will give you an estimate on what your monthly payments would be. There is a helpful calculator here: http://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx Hope this helps.
Is it better to finance an auto purchase with a small down payment and high monthly payments or high down payment and small monthly payments?
It is better to finance an auto purchase with a high down-payment and a low monthly payment, because it is less likely for you to fall behind on your payments and acquire debt.
Where can one get no down payment auto insurance?
Two of the most popular place to get no down payment auto insurance is from Cars Direct and the General. Both offer the same service with competing prices.
Car dealer forgot down payment?
The car dealer is not required to collect a down payment. The finance company is the one who usually asks for it. If they desire a down payment, they will contact you to get it.
Can i refinance car loan with another down payment?
If you refinance a car another down payment is usually not required. I refinanced a car to lower to payments and it added another year to the payoff date of the car. I wasn't required to give a down payment.
From where could one obtain low down payment auto insurance?
One can go to local car dealers to see if they offer low down payment auto insurance. One can also go to websites such as Cheap Insurance Outlet, CarsDirect, and Free Insurance Quotation in order to obtain low down payment auto insurance.
How much down payment is required on a loan of 40000.00 if the down payment percentage is 20 percent?
20 percent of 40,000 is 8,000.
Find Lower Rates For Auto Loans?
In order to get the best possible rates for auto loans, increasing the initial down payment can pay off big. A larger down payment reduced how much is owed on the vehicle, which can bring greater savings. For those who have found an already low interest rate on their auto loan, this creates an ideal situation. Pairing a higher down payment than is normally required by dealerships with an already low interest rate can lower the amount that must be borrowed. This can save car owners money as they will pay less in interest every month on their auto loan.
Is a down payment necessary when getting an auto loan?
In most (but not all) cases, yes, it is.
How much of a down payment would be required for a house costing 150000?
You don't ever have to put a down payment down (unless your lender bank requires you to), however 20% of the value usually is the norm. We bought our house with NO down payment.
Do auto loans from GMac require a down payment?
GMAC was set up in order to provide financing for car buyers through their network or dealerships. In order to make make an auto loan from GMAC the individual would need a down payment.
Are you required to carry auto insurance on a broke down car?
yes
