Do I need a down payment to buy a car if I have good credit?

Question

My credit score is 800. Do I still need to put a down payment on a used car? The car is $8,000.

Answer 1

I think it will depend on the value of the car according to the bank or place you are financing from.  If they think the book value is only $6000 and you are buying it for $8k, they will probably want some money down regardless of credit.

Answer 2

It would depend on the used car's loan value.  It would most likely be better to get a home equity loan, since you would probably be able to deduct the interest paid from your income taxes.

Shop around for the best interest rates, just as you would shop for the best price for the car.

good luck.

Answer 3

do you HAVE to?  Maybe not.  It depends on if the bank is willing to advance $8000 plus tax, title, doc, and DMV fees.  Even if they are - why would you?  

As you know, cars lose value, not gain.  So when you finance the full price, you are already upside down.  Add in the extra $700-1000 for all the fees, taxes, title, etc, and you are VERY upside down.

Any time you are able, regardless of your score, put some cash down.  Whether its $1000 or $5000, no matter.  You are keeping yourself closer to being inline (car is worth the balance of the loan).  

Read this forum for 30 minutes - look at all the questions that begin "I owe more on my car than its worth...."

Put some cash down, keep from being the next person to ask that sort of Q

Answer 4

no but you will be asked to.but with an 800 you dont

Answer 5

You can go to a bank or Credit Union for the whole amount of the used car.

good luck....