What's a good down payment on a $4900 car with 152,000 miles on it?

Asked by Jun 21, 2014 at 02:47 PM

Question type: Shopping & Pricing

2 Answers

300

Usually its best to put a down payment of at least 10% so with that being said it would be $490.00

815

Depends on your credit and how the vehicle books - the bank looks at the LTV - Loan to Value - if you think it is a good deal but they see it only books for 4k, they won't want you to start off being upside down... If your credit is decent, they can finance 100% of the loan if it is OK at the LTV... If your credit isn't too good, they will probably look for 20% down... Also will tie into your debt to income ratio... If they think you can only afford a payment that would translate to a 3k loan, they will tell you they want the 1,900 down...

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