What is the Minimum Downpayment you must have for a $15000 used car?

Question

say.. you have bad credit score around 620

a job $3000 a month

what's the minimum downpayment you must have for them to qualify you?

Answer 1

It all depends on your credit, your lender, your income, and the vehicle you choose.

Answer 2

My boyfriend is a car dealer, and my uncle is the senior sales manager at the same lot. If you have that low of a credit score, you will want to have at least half down, or a trade in that you are not upside down on, and that will value at least half of it. Usually you can go to any car lot, and just ask if you could get a form to prequalify you, as well, that way you will know before you get your heart set on any certain car if you can actually afford it.

Answer 3

Auto finance is what I do for a living and the answer is 10% or $1,000.00 normally.

Auto loans are based on the following factors;

1. Loan to value.

2. Term.

3. Age of vehicle.

4. Miles on vehicle.

5. Down payment.

6. Time at residence.

7. Time on job.

8. Monthly income before taxes.

9. Credit score/profile.

10 Total debt to income ratio.

Any of the above can affect the required amount of down payment.

Answer 4

2,500

Answer 5

It depends on what kind of credit you have now.

How have you paid your debt in the past?

How much debt do you have now?

How old is the car?

A lot of factors play into what you have to pay down, and what your apr is.