Downpayment question

[Anonymous]

My current Equifax score is 704 and I feel confident I'll get a decent APR with my current credit report.  I've been saving up for a few months to buy a car because mine is literally falling apart.  I'm looking to get a 2008-2009 sedan that costs around $14k.   However, it's been a Murphy's Law kind of month and I've had to dip into that savings for 2 emergencies.  So my question is, will I still be able to receive decent financing with a downpayment that is less than $1,000?

[Anonymous]

Your score is good, depending on various factors like income and DTC/DTI you could probably obtain financing with 0 down.

It's in your better interest to give a downpayment. If you do plan on putting a downpayment, I would suggest sticking to $1,000 - no more, no less. More is always better, but if you have apprehension about putting more due to wanting to play it safe there is nothing wrong with that.

They always push for more - "What could you do if we gave you 2 more weeks?" Cash in hand always entices them to offer better deals, just don't let them haggle you for more.

[Creditaddict]

I try to put enough down payment down to pay taxes, license, and fees because I only want to finance the actual car so I don't start the loan out upside down from value.  $1k should do this on a 12-14k loan.

[Anonymous]

---

@Anonymous wrote:

It's in your better interest to give a downpayment. If you do plan on putting a downpayment, I would suggest sticking to $1,000 - no more, no less. More is always better, but if you have apprehension about putting more due to wanting to play it safe there is nothing wrong with that.

---

@   Creditaddict wrote:

I try to put enough down payment down to pay taxes, license, and fees because I only want to finance the actual car so I don't start the loan out upside down from value.  $1k should do this on a 12-14k loan.

---

 Thanks to OP.   This is good to know for my future auto loan.