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Can I pay for a car half in cash and half in a loan?
"I want to buy a car, but I only have 50% of the cash of the asking price.
Can I get a loan for the other half?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Yes, you can definitely do that. In fact, borrowing less money on a depreciating asset is always a smart move.
Obviously, you’ll need decent credit and income, but a 50% down payment usually puts a lender’s mind at ease.
Note that you’ll also need to pay for full coverage
car insurance
as part of the loan, so budget for that as well.Other than that, you have a great plan to get the car you want while paying far less interest than those with no down payment.”
View full answer
- Gregory R.
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