Could I finance the down payment requirement of my auto loan?

I have an auto loan approval for $17,700. The lender says there is a $2,500 down payment requirement. Could I get a $15,000 car and add the $2,500 down payment for a total of $17,500 to be financed?

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  • 1 decade ago
    Best Answer

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  • 3 years ago

    1

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  • Anonymous
    1 decade ago

    The whole point of a down payment is to give you an equity stake in the car and to reduce the lenders loss if you were to default.

    If you could finance the down payment, they wouldn't call it a down payment.

  • 1 decade ago

    No. They require a down payment to show that you have some stake in the car; someone who finances the whole thing has less to lose if they just walk away from the loan. It also cushions the blow to the dealer/lender if you do default and they have to reposess it and sell it at a loss. In other words: it's too great a risk for them.

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  • Anonymous
    1 decade ago

    No. You would have to get a loan on something you already had equity in for the down payment.

  • 1 decade ago

    Sure you can. By the way there is no such thing as a downpayment requirement. Everything is negotiable. Your monthly payments will be based on the $17,500 you finance plus interest.

  • Anonymous
    1 decade ago

    No

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