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It should, but you may have to demand/fight for it. The big down payment means less risk to the lender if they have to repossess it. Just a note - a big down payment would need to be close to 1/2 the total value of the vehicle, not a few thousand dollars on a $12,000 dollar loan. This is also affected by how bad your credit is, especially if you have previous repossessions. Basically all a big down payment does is get you more broke. Put down a resonalble amount but don't put all your eggs in one basket per say, and for every two thousand dollars you put down it only buys you 20 bucks off the monthly payment. The best way to reduce interest is to make extra payments,( but mail them in serperate invelopes and write in the comments section that is to be applied to priciple) on top of the regular payment each month. That is providing that you have a simple interest loan that allows you to pay towards the priciple. ask what type of laon you have.
What else can I help you with?
Does a higher down payment result in a lower interest rate?
In general, a higher down payment can result in a lower interest rate on a loan. This is because a larger down payment reduces the lender's risk, making them more likely to offer a lower interest rate.
How does making a larger down payment affect the interest rate on a loan?
Making a larger down payment on a loan typically results in a lower interest rate. Lenders see a larger down payment as a lower risk, so they may offer a lower interest rate to borrowers who put more money down upfront.
How can I lower my mortgage payment by paying down principal?
Paying down the principal on your mortgage can lower your monthly payment by reducing the amount of interest you owe. This can be done by making extra payments towards the principal or by refinancing to a lower interest rate.
What are the benefits of making a higher down payment in terms of securing a lower interest rate on a loan?
Making a higher down payment can help you secure a lower interest rate on a loan because it reduces the amount of money you need to borrow. Lenders see this as less risk, so they may offer you a better rate.
How does making a big down payment impact the overall cost and terms of a loan or purchase?
Making a big down payment can lower the overall cost of a loan or purchase by reducing the amount borrowed and the interest paid over time. It can also lead to better loan terms, such as lower interest rates and shorter repayment periods.
Does a higher down payment result in a lower interest rate?
In general, a higher down payment can result in a lower interest rate on a loan. This is because a larger down payment reduces the lender's risk, making them more likely to offer a lower interest rate.
How does making a larger down payment affect the interest rate on a loan?
Making a larger down payment on a loan typically results in a lower interest rate. Lenders see a larger down payment as a lower risk, so they may offer a lower interest rate to borrowers who put more money down upfront.
How can I lower my mortgage payment by paying down principal?
Paying down the principal on your mortgage can lower your monthly payment by reducing the amount of interest you owe. This can be done by making extra payments towards the principal or by refinancing to a lower interest rate.
What are the benefits of making a higher down payment in terms of securing a lower interest rate on a loan?
Making a higher down payment can help you secure a lower interest rate on a loan because it reduces the amount of money you need to borrow. Lenders see this as less risk, so they may offer you a better rate.
How does making a big down payment impact the overall cost and terms of a loan or purchase?
Making a big down payment can lower the overall cost of a loan or purchase by reducing the amount borrowed and the interest paid over time. It can also lead to better loan terms, such as lower interest rates and shorter repayment periods.
How can I lower my mortgage interest rate?
To lower your mortgage interest rate, you can consider refinancing your loan, improving your credit score, making a larger down payment, or shopping around for better rates from different lenders.
Does making a larger down payment result in a lower mortgage payment?
Making a larger down payment typically results in a lower mortgage payment because it reduces the amount of money you need to borrow, which in turn decreases the monthly payment amount.
What is the importance of making a down payment on a loan often?
Making a down payment on a loan is important because it reduces the amount of money you need to borrow, which can lower your monthly payments, decrease the total interest paid over time, and improve your chances of getting approved for the loan.
Will you need a higher down payment to get a mortgage with bad credit?
Yes, a higher down payment is typically needed to get a mortgage with bad credit. A down payment of 25% or more will help to get a lower interest rate.
How much does one need for a mortgage deposit?
Traditionally a down payment or mortgage deposit was about %20 of the requested loan. Some lenders will accept less than %20 even to no down payment in exchange for higher interest rates. The general rule is the higher the down payment the lower the interest rate.
Are the interest rates lower when taking out a military loan?
Pioneer Military Loans for all ranks and branches; Borrow from $500 to $10000; Interest rates lower than most credit cards and competitive with banks and ... They generally are not. What a VA loan will do is make it so you don't have to either pay a large down payment or get tons of points on your mortgage. Instead, the government guarantees the loan, making a down payment unnecessary.
What can affect your monthly car payment?
Interest and down payment.
