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Posted in Auto Loans
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Question By
Madhunt1926

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Is it best to make a down payment on auto or...
allow the bank to 100% finance (great rate)? Would it help my credit bear the brunt of the hard inquiry by using what would've been my down payment to bring the loan down AFTER payments begin? The difference in payment per month w/ down payment would be appx $50 less. Thanks in advance!

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It depends on your budget. Personally I would put down some type of payment to help lower my monthly payment. Then I would pay extra each month; according to my budget; and get the loan paid off asap. By doing so, you buld good credit history, a good safety net with a lower monthly payment, and outstanding customer relationship with your creditor. Next time around you'll probably be able to buy a more expensive car will less money down and lower interest rate.....

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