Is down payment based off of sticker price or negotiated price?
#1
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Is down payment based off of sticker price or negotiated price?
I have been getting conflicting reports as to what figure I should be calculating the percentage of my down payment off of. Some people have told me that the percentage is based off of the sticker price of the car and some have told me the final price of the car... If the car's sticker is $43,000 Would 20% be
$43,000 X 20% = $8,600
OR the negotiated price of $36,500
$36,500 X 20% = $7,200
What is the bank looking at when financing the car?
$43,000 X 20% = $8,600
OR the negotiated price of $36,500
$36,500 X 20% = $7,200
What is the bank looking at when financing the car?
#3
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Down payments can be subjective, often based on your overall credit history. If you have a good credit rating, let’s say anything above 750, you could theoretically drive off with no down payment at all. At any rate, it’s a negotiated item with most lenders.
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