I'm looking to purchase a used car at the beginning of next month. My price max is 5500. What would be a good down payment for a car that price or lower?what would be an ideal amount I should save up?

Asked by Jul 02, 2015 at 09:57 AM

Question type: Shopping & Pricing

First time purchasing a car. Little to no
credit

1 Answer

222,495

At $5500 I would purchase it cash if you can. Put down as much as you can to lower your payments, but not sure you can get a car loan for that low amount. You might have to secure a personal loan. Talk to your loan manager at your bank or credit union.

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