if i buy a car and i want to pay a monthly fee around $150, what would the down payment be?

Asked by Sep 13, 2015 at 01:25 PM about the 2006 Honda Accord

Question type: General

2 Answers

25

That would depend on several factors. How much is the car that you want to purchase? How long do you want your loan to be? My wife and I purchased a car for a little over $6,000 and the type of loan actually needed to be over $6,000 to go through correctly so we were asked not to do an upfront down payment. I am guessing if you went to purchase a more expensive vehicle like over $10,000 then you would start being asked about putting $1,000-2,000 down. All of this varies between how much the car is, what loan options you receive, and how long you want to pay for your car.

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26,365

Since you're looking at a used 2006 Honda Accord...I would expect the asking price to be in the $7,000 - 10,000 or 11,000 range. If your credit is good to excellent, I would say a downpayment of $1,000-$1,500 would get you that type of monthly payment (or even less) approximately.

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