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What is the least amount of money I can put down on a car loan?
"How much money will I need to put down on a car loan? I need to buy a new car but I do not have much savings that I can use as a down payment."
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
- how much you qualify for
- the car that you are trying to buy
- what your financial situation looks like
If you make enough money to finance most of the car and the car is not
valued
at less than its price, you could get away with only putting a few thousand down. However, this will almost always lead to being
upside down
on the car loan and to paying way too much in interest. A good rule of thumb is as close to 20% as you can get.” View full answer
- Gregory R.
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