How Much Does A New Car Buyer Have To Put Down on Down Payment?
The average down payment for a new vehicle is typically about 20% of its purchase price. Putting down 20% or more is a great way to avoid owing more than the vehicle is actually worth. For used vehicles, 10% down is sufficient.
It’s important to take your monthly budget into consideration as well. Finance experts recommend keeping your total car payment below 10% of your monthly take-home salary. Be sure not to stretch yourself too thin, because you’ll also need to factor insurance, gas, routine maintenance, and repairs into the equation.
Keep loan terms in mind too. They usually vary between 36 to 84 months, with longer terms resulting in smaller monthly payments. While this might sound appealing, remember that you will pay more over time.
The most fiscally responsible route? Choose a less expensive vehicle and put down a large down payment, and then choose the shortest loan term that still maintains manageable payments.
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