Your Down Payment Ellenwood GA

Arranging Your Down Payment

Unless you received 100% financing from you bank, your auto loan will pay for most of the total price of the vehicle you're buying, but not all of it. You will be required to pay the difference in cash and that's called a down payment.

The amount you'll be required to pay as a down payment depends on the selling price of the vehicle and on your credit worthiness. The dealership may ask you for as much as one-third of the total selling price, but that's just a negotiating ploy. Unless you're a first-time buyer or you have risky credit, you should be OK (as a rough estimate) if you have about 10% of the window sticker price for your down payment.

Your down payment can be a combination of three sources:

1. Cash
That can include the money you earned from selling your present car.

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