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Should I put an extra $500 on a car loan that I've already signed the contract on?
"I financed a car through the dealer and I've already signed the contract. Suddenly two months later, the dealer wants me to come in and put an extra $500 down.
Should I put an extra $500 on a car that I've already signed the contract on?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“If you’ve already signed the contract and made payments on your car loan, you probably don’t need to worry about putting more
money down
. In some cases, a dealership may be asking for the additional payment if you didn’t get approved for financing.
Many dealerships practice spot delivery.
With spot delivery, a dealership lets you take a car before receiving financing approval. If anything changes with your financing, you may need to bring the car back to negotiate a different offer or financing agreement.
Since you’ve already been making payments, that seems unlikely. Call the dealer and lender to get to the bottom of the situation. That’s the only way to find out exactly what’s going on.
If you don’t receive a satisfactory answer, consult an attorney and see what they think.
Don’t forget that when you buy a new (to you) vehicle, you will need proper coverage. If you haven’t already found insurance, use the free
Jerry
app to help you find the best deal. Jerry compares rates from the top 50 companies in under a minute, delivering the best deals to your phone.”View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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