Down payment
Asked by Timothy Shane Dec 13, 2016 at 09:17 PM about the 2008 Chevrolet Silverado 1500 LS Crew Cab RWD
Question type: Shopping & Pricing
What percentage of cost of vehicle is the down
payment? Like 10-12%?
4 Answers
It all depends on the value of the vehicle compared to the sale price - dealers usually sell vehicles for more than book price so the bank requires money to cover that plus what they feel is a comfortable level of loan to value ratio depending on the buyers credit history. There is no "Real Formula" per se' - Hope this helps
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Down payment is negotiated between you and auto dealer and also depends on your credit rating. CarGurus does not sell vehicles or arrange financing.
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