what is a good down payment on a used car? let's say a $7000 car?

Answer 1

How good is your credit?

If your credit is perfect - $0.

If your credit is bad - At least 50% - maybe consider paying cash for the whole thing.

Banks will not issue used car loans if the vehicle is older than 7 years old.

Answer 2

A good down payment is any down payment that gets the actual payments low enough for you to afford on a monthly basis.

If your credit is good enough and you can afford the payment without a down payment, keep your money. You don't ever actually have to put down a payment unless you can't get a loan amount you need and have to make up the difference.

Answer 3

7000 would be best. A car depreciates in value therefore making it a poor investment. always save up and pay cash for a car.

Answer 4

its always a good idea to put something down it makes the payment a little lower on it,id say around 800-1000, no more than that would be needed,that should be plenty,and ,make it easier to get the loan also but that's enough on a car for that price,good luck i hope this help,s.

Answer 5

Cars depreciate in value. The last thing you want to do is pay interest on something whose value is decreasing, not increasing. Therefore, you want to finance the absolute minimum necessary which means - pay as much down as you can afford.

Answer 6

Yeah, I agree if your credit is super good. Then pay cash. If not, you could improve your credit score by getting a loan for it. I would suggest putting down $3,000-$4,000 and then getting the rest financed. Good Luck!

Answer 7

Hard to say. It is possible you may with that credit score.