Skip to main content

How does a down payment affect my auto loan?

A down payment is an initial, upfront payment you make towards the total cost of the vehicle. 

Your down payment could be cash, the value of a trade-in, or both. The more you put down, the less you need to borrow. A larger down payment may also reduce your monthly payment and your total cost of financing.

Was this answer helpful to you?

Please do not share any personally identifiable information (PII), including, but not limited to: your name, address, phone number, email address, Social Security number, account information, or any other information of a sensitive nature.