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How do you calculate a down payment?
"How do you calculate a down payment on a $38,000 car? I'm buying a car from a dealer. They're offering a finance special that allows me to get 0% financing if I put 20% down."
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Calculating the
down payment
on a car is easy. Just take the final price of the vehicle and multiply it by 20%, or 0.2.In your example, the down payment would be: $38,000 x 0.2 = $7,600
At closing, you’d give the dealer $7,600 and would finance the remaining balance of the
new car
, about $30,400 ($38,000 - $7,600 = $30,400).”View full answer
- Gregory R.
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