Math question, financing a car or something like that?
"a 2013 honda civic costs 25,000$, including all taxes, freight and pdi charges. if you put down 1000$ from your savings, how much will you need in order to finance the car?"
Any idea how to do this? i'm really not good at math, this is probably simple, any help appreciated.
- whisper9191Lv 57 years agoFavorite Answer
There is no blanket requirement for money down when financing a vehicle. However, based on your credit and credit history, and individual lender may ask for a down payment. Something else to consider is that putting money down can lower your payment. A good rule of thumb is for every $1,000 you finance, take $20 off of your monthly payment. If you're financing $25,000, you're looking at around $500 a month. With your $1,000 down, your payment will drop to around $480 (obviously, payments are not exact, as interest can effect them).
Hope this helps.Source(s): 14 years retail auto sales experience.
- TonyLv 77 years ago
you will need at least 20% down
which is $5000