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Does down payment determine your rate?

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TilltedBrim
Regular Contributor
‎05-04-2012 12:27 AM
‎05-04-2012 12:27 AM

Does down payment determine your rate?

Obviously the amount of the down payment effects your monthly payment but does it have any bearing on your rate if you have a score of around 685 - 700?

After falling off the wagon while in the garden... And going 2 for 4 on a drapping spree I've finally received my coveted Discover More. And now I'll limp back to the garden.
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Anonymous
Not applicable
‎05-04-2012 07:03 AM
‎05-04-2012 07:03 AM

Re: Does down payment determine your rate?

Answer may varies depending on the financial institution, but typically putting down a minimum of 20% will get you the best rate. My credit union (BECU) quoted me about 0.10% higher should I not put down 20%.

 

For factors, check out this thread: http://ficoforums.myfico.com/t5/Auto-Loans/Factors-Affecting-Auto-Loan-Rates/m-p/1310037#M20635

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