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What's the proper down payment on a loan for a $10,000 Honda Accord?
"What's a good down payment on a $10,000 loan? I want to buy a Honda Accord for $10,000 but I need to finance it. I have $5,000 that I can put toward a down payment but I won't have anything left in savings."
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“The right
down payment
deals with how much your monthly budget is as well as how much you can afford without depleting your savings.As a general rule, 20% is the optimal down payment. It will lower your payments and how much you pay in interest over the life of the loan, but it won’t put you in financial dire straits in the event of an emergency.”
View full answer
- Gregory R.
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