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How much money should I put down on a $5,000 car loan?
I just graduated from college and I need a car to get to work. I want to finance a $5,000 car, but I have no credit. How much will I have to put down?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“If you get approved for a loan—and that’s a big if since you have no credit—you’ll want to shoot for at least 20% ($1,000).
The chance of getting approved is the real issue here, so you may need your parents to cosign on the loan.
Keep in mind that if you do get approved, you’ll also need to budget for
car insurance
, which will probably be more than your actual car note. Make sure to shop around with the free Jerry
app to find the best possible rates.”View full answer
- Gregory R.
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