How much should I put down on a car?

Question

I'm getting a car from a good new used dealership in a few months. Say the car cost $16000, what would be a reasonable amount be to put down on it? Google says the rule of thumb is 20%
The more you put down the easier it'll be to pay off right? Since the payments would be lower I assume

Answer

I say as much as you can comfortably put down without draining your savings. The less you take a loan out for the less you pay in interest over the life of the loan. Also, the lower your payments will be, the more you can afford to pay extra towards it each month, and the faster you will pay it off - again, lowering the amount you will pay in interest.

Answer

Pay as much as you can without draining your savings. My last car we paid for in full (right around that price). We then paid ourselves back. We have 300 coming off of each of my checks and going g directly into savings (I stead of the 200 we used to have).

Answer

I would personally do $5000 because the payments will be super low and way easier to pay off. But $1500-2000 is what most people like to put down (This is based on the $16,000)

How much should I put down on a car?

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