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Auto loans?
Let's say a car has a $1000 down payment and I request a loan. Do I have to make 2 monthly payments? The monthly car payment and the loan?
4 Answers
- curtisports2Lv 72 years ago
The car payment IS the loan. The down payment is YOUR money. If you don't have the money for the down payment and a down payment is required, you won't be buying the car.
- ?Lv 72 years ago
The loan (if you can get one) would cover everything you owe to the dealer (after paying the dealer the $1,000 down). Then you now owe the dealer zero, so you only make monthly payments to the lender (bank).
- M JohnsonLv 62 years ago
The down payment is subtracted from the car price, less taxes and title cost, and the remainder is loan balance which you pay monthly. Do not ever take dealer financing, (unless buying a new car,) work with a credit union or bank to pay off the dealer.
