Downpayment required on used car?

[tripods68]

I don't believe your FICO dictates how much down payment you will need. Again, that's entirely up to you as "buyer". FICO does affect what interest rate you will end up financing the purchase.

[disneysteve]

With under a year of credit history, Capital One approved me up to $5,000, 36 months, at 9%. I paid the rest of the vehicle price in cash ($2,700) and paid the loan off in 16 months.

I don't believe your FICO dictates how much down payment you will need. Again, that's entirely up to you as "buyer". FICO does affect what interest rate you will end up financing the purchase.

I guess credit history/score just determines how much you can borrow and what rate you'll pay, not how much of a down payment you'll need, so that doesn't answer the question either.

[Pitman]

I'll say atleast 15%, but I do encourage you put down more.



btw, whatever quote the dealer is pricing, talking them down lower.