@Anonymous wrote:
@Anonymous wrote:
I know a higher down payment can give better chances for approval but I'm wondering how much it helps interest rate?
As an example, lets say you have a 690 credit score that puts you into maybe a tier 2 or 3 rate. My question is, would putting down something like half of the vehicle give you the top tier rate even though the score may not?
No, your interest rate is determined by how credit worthy you are. The huge down payment only reduces your monthly payment....
Interest rate is determined by the lender's perceived risk of defaut. Score is only one factor. LTV is a factor in that perception, as is DTI. Captive lenders aren't as concerned by these, but other lenders are.
