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question about down payment

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Rkalynsmith
Regular Contributor

question about down payment

If one was approved for a 20k auto loan with 6k down does that mean the car value can be 26k or 14k..........is the auto loan for 20k plus my down payment or 20k including my down payment. lol thanks. Just a lil confused


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09Lexie
Moderator Emerita

Re: question about down payment

If the approval was for $20k, then the car is $26k based on your scenario

Message 2 of 3
Rkalynsmith
Regular Contributor

Re: question about down payment


@09Lexie wrote:

If the approval was for $20k, then the car is $26k based on your scenario


Yeah the approval was for 21k with 900 down, 21k with 1.5k down or 21k with 6000k down. APR lowed by 4% with highest down.  Just wanted to make sure. Thanks...


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