FOR EVERY THOUSAND DOLLARS PUT DOWN ON A DOWN PAYMENT HOW MUCH WILL IT LOWER YOUR PAYMENTS?

Asked by Mar 03, 2012 at 07:18 PM

Question type: Shopping & Pricing

2 Answers

13,275

That depends on several factors.......credit score interest rate trade in? term of loan etc. As an example if you have a $13000 loan at 7.5% no down payment, no trade in. Your payment would go down about $15 per month on a 6 year loan.

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525

Aztec is right. Here's a good calculator where you can type in those parameters and see not only your monthly payment, but your amortization over the life of the loan, if needed. Let me know if you have any questions. http://www.fromcartofinish.com/AutoLoanCalculator.aspx?pgID=NTc=&paID=Nw== Mike www.fromcartofinish.com

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