How much is a down payment usually for a car?
Like if I was to put a down payment so I can get a car, how much is the usual amount for most?? I know each is different but what’s like a good amount for one??
I just got my license and am eager to get a damn car. My credit score is 736, and i have a minimum wage job but I am soon getting a second job and will be making lots of money and soon quitting the job I currently have(just getting a second job on top of the one I have now)
But I need a car in order to start my second job. I need to get one by the end of the month(a car).
- NeverLv 78 months agoFavorite Answer
Your bigger issue is not qualifying at all because of a lack of sufficient income.
736 is good enough for 10% down if you had income of $1800+ a month.
Anyone that would finance you now is going to be subprime which means bad terms and subpar cars so DONT EVEN TRY until you get your income up.
Save & pay cash is best. Making things worse is very few lenders bother with loans of less than $7500 and you can't afford that.
- Anonymous8 months ago
20 percent is standard, but with a minimum wage job not likely, especially if you've held it for under a year. Job hopping doesn't improve your chances. Under 21 or no college degree? Not a chance.
And PLEASE learn to use the word ''like'' properly. It tiresome to hear it so utterly abused all the time. Lenders and other important people might take you more seriously if you didn't sound like a 14 year old.
- AlCaponeLv 78 months ago
About 20% is a normal down payment but you won't get a loan with a minimum wage job or the promise of a better job later. You must have at least 6 months job history, making sufficient income to cover the car payment and all your other expenses, including insurance (very expensive). Your 736 credit score is great, but verifiable income is just as important, if not more so.
- A HunchLv 78 months ago
No one is going to give you loan if you are earning minimum wage.
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- .Lv 78 months ago
20 percent down is good, but you'd be hard pressed to get something reliable for less than 5,000 dollars.