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Nissan Finance Minimum Auto Loan

FMC
Frequent Contributor

Nissan Finance Minimum Auto Loan

Going to be purchasing a new Nissan Rogue Sport, 21.5k OTD. My uncle is lending me 16k to buy the car, I will pay him back  monthly, his idea to loan me the money.I have a Capital One pre approval for 35k so I could finance $5500 with them.Would Nissan Finance only $5500? What rate should I expect from Nissan with a 592 Experian 8 score but a 16k down payment?

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4 REPLIES 4
4sallypat
Frequent Contributor

Re: Nissan Finance Minimum Auto Loan

Any bank would make the loan because you are putting down so much up front.

 

With your score I would take a look at the interest rate.


What is Cap 1 Auto Navigator quoting you ?

Message 2 of 5
FMC
Frequent Contributor

Re: Nissan Finance Minimum Auto Loan

Around 11.5%

Message 3 of 5
KatSoDak
Regular Contributor

Re: Nissan Finance Minimum Auto Loan

If Nissan won't finance that amount you can take a larger loan then prepay.  WF wouldn't finance less than 7500 on a used car loan I co-signed on in January. My DH and her husband wanted to finance only 4k. So we took the 7500 loan then used the balance of the money they intended to use towards down payment and put it towards the principal. In the long run this turned out to be beneficial because it dropped the utilization % on the loan way down. 

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Message 4 of 5
FMC
Frequent Contributor

Re: Nissan Finance Minimum Auto Loan


@KatSoDak wrote:

If Nissan won't finance that amount you can take a larger loan then prepay.  WF wouldn't finance less than 7500 on a used car loan I co-signed on in January. My DH and her husband wanted to finance only 4k. So we took the 7500 loan then used the balance of the money they intended to use towards down payment and put it towards the principal. In the long run this turned out to be beneficial because it dropped the utilization % on the loan way down. 


Wound up with a small loan for $5602 from the dealer through Ally @17.44

 Should of listened to you & put down only 13k instead so I would have had  lower rate & more lender options, my loan was too small. Dealer F&I was a pain so I just took smallest loan.  possible and left. 

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