Down payment on bank auto loan?

Question

If I get an auto loan from a bank, would I need to put up a down payment with a 700 FICO score? The loan will be from $12,000-$14,000.

Answer 1

Here's a hint...credit unions usually finance 100% of the MSRP plus taxes, tags and other items like Mechanical Breakdown Protection insurance (a/k/a MBP or extended warranty) and GAP insurance. (GAP insurance pays the difference between what your insurance company pays and the payoff of your loan if your vehicle is totaled in an accident. You should always purchase GAP if the vehicle you're financing is at or near the book value.)

The dealer will try to sell you both MBP and GAP insurance but it's cheaper through the credit union!

Your score is very good and you should get close to their premium rate if not the premium rate. Interest rates are generally determined by your credit score and whether you're purchasing a new or used automobile. The better your score the lower your interest rate.

You'll find that the interest rates charged by credit unions are equal to or less than those charged by banks. This is because credit unions are there to serve and operate on much smaller profit margins...banks are there purely to make as large of a profit as possible.

To find credit unions (and their websites) near you go to www.ncua.gov and look in the Resources for Consumers section. The website will list their current interest rates so find the credit unions for which you qualify for membership (look for community credit unions) and compare the rates. You'll be pleasantly surprised.

You can find financial calculators to help you determine your approximate payment at www.cuna.org in the Consumer Information section.

Answer 2

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RE Down payment on bank auto loan?

If I get an auto loan from a bank, would I need to put up a down payment with a 700 FICO score? The loan will be from $12,000-$14,000.

Answer 3

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RE Down payment on bank auto loan?

If I get an auto loan from a bank, would I need to put up a down payment with a 700 FICO score? The loan will be from $12,000-$14,000.

Answer 4

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Answer 5

With a 700 fico score the bank should allow you to borrow without a down payment, as long as the price that you are paying for the car is not out of line. When you pick out a car, ask the dealer for the wholesale value or "left side" of the NADA Book. Lets say the car you pick has a left side value of $10,000. With you high FICO score, your bank should loan up to 150% of left side or $15,000. If you are paying more than that they may ask for a down payment.

Answer 6

yes, usually the down payment goes to the dealer then the loan covers the rest. I guess you could not put a down payment on the car and pay for the whole thing with the loan, then put $2000 toward the loan.

Answer 7

For most lenders, no down payment is required for that credit score. And in fact most will go to 110% to 130% of MSRP or NADA retail value for taxes, add-ons or you have negative equity on a trade.

Answer 8

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RE:Down payment on bank auto loan?

Answer 9

Usually no. You can finance 100% of it.

Answer 10

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