If I want to purchase a car for $21,000. I will finance the car with an installment loan from the bank, but I would like to finance no more than $14,280. What percent of the total cost of the car should my down payment be?
Traditional wisdom was that a buyer should make at least a 20-percent down payment when buying a car. When a buyer puts down 20 percent at the time of purchase, he or she has effectively paid for the first year's depreciation up front. This means that the buyer is not "upside down" on the loan. Being upside down means owing more on the loan than the car is worth. ChaCha!
Answered by Brian H. -
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