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do u have to have a downpayment when buying a used car?
14th February 2010
just got my license im planning on buying a used car but havent saved up yet..but i need a car for school and work, commuting is very expensive. daddy will be the owner of the car ill buy and ill pay it off with my own money.
Posted in: Auction FAQ | | Comments (3)
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Well if daddy is financing the car for you it all comes down to credit. If his credit is good enough then no down payment will be required. If it is not good enough then a down payment may be needed.
Although it is always a good idea to put a little money down to help with equity situations etc and lower payments.
Just be smart, do your research and if buying a used car always have it checked by your mechanic.
Good Luck
Comment by autosellingmaster — February 14, 2010 @ 7:51 pm
If your dad has good credit, you won’t need a downpayment. I have put any money down the last 5 times.
Comment by reburthofslick — February 14, 2010 @ 7:51 pm
No you do not have to have a down payment for a car as long as your fathers credit is good enough to finance the car at the asking value. Now for example if you wanted to buy a car for 12,000.00 and his credit restricted him to buying a car for 10,000.00 you or your father would have to come up with that extra 2,000.00 to be able to finance the remaining of the car.
Comment by KC — February 14, 2010 @ 7:51 pm