When you get a brand new car, do you have to pay a down payment on it?

Answer 1

Depends. How much is the new car. Do you have a trade-in? How good is your credit? Can you pay for the vehicle all at once? Mostly, depends on your financial status. There's no law that says you have to, but most people can't afford to pay cash for a new car on the spot.

Answer 2

No you don't have to put a down payment on it, but you would save a lot of money if you do. You would save money because your loan would be lower, the less of a loan you have to take out the less interest you pay. The best thing to do is to get as small of a loan as possible with the shortest term (length of loan) possible. Sometimes people are fooled into thinking they are paying less for a car because the monthly payment may be lower. If their term is 6 years with a lower monthly payment, vs a higher monthly payment at only 4 years, they are paying A LOT more for the car when they take the longer term with the lower payment because of the interest. So, put as much down for an initial payment as possible, pay off the loan as quickly as you can. You can also make extra principle payments every month if you have some extra cash (epically in first year or so of your loan).

Answer 3

It depends on a few things:

1) Do you have a trade-in car?
2) How good is your credit?
3) How expensive is the car?
4) What kind of job do you have?

If you have good credit and a good job, you can usually get an entry level to mid level car with no downpayment at all with no problem.

Answer 4

It depends on your credit and or if you have a trade. The more money you put down the less you have to pay in interest over the life of the loan. The less you pay up front the more you will end up paying in the end period.

Answer 5

i mechanic for a living,,and yes most of the time you do have to pay something down,,or have a good trade in,they sometimes let this ride as a good down payment,,a lot of it is, how good a credit history you have,this helps a lot,,but usually the down payment is small good luck hope this help,s

Answer 6

With EXCELLENT credit many dealerships offer no money down and no interest. This is usually end of the year sales and offered by the manufacturer.
You could also pay cash.

Answer 7

you probably don't HAVE too, but it will save you a ton on overall price and interest rate you recieve. But then again, be careful how much you put down. Would you put down 10,000 on a 30,000 car, to only sell it 2 years down the road....No way, you just lost your 10K?

Answer 8

Yes! even if you have a trade in. Onless you pay the car off right there.

Answer 9

If you have excellent credit, and a trade in worth lots, perhaps not. Ask the dealer.

Answer 10

yes, depends on credit