With poor credit, how does downpayment size affect the interest rate?

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Your credit rating determines your rate; all the down payment in the world won't change your rating.

With poor credit, how does downpayment size affect the interest rate?

The % rate shouldnt be all that much of a difference with an auto loan, it really depends on how many years you take it out, and with bad credit you may not qualify for 60 month pay ment at 500downpayment

With only oweing 22,500 on the car, about 400 a month after intrest for 5 years, sounds okay

But if you only put a down payment of 500, considering you have bad credit, the bank wont approve of a 5 year loan, since that would be nearly 550 a month ( not to reseable, since credit lines are usally 500 for people with bad credit) So the bank would either refuse it, or offer a 6 year loan, at 72 payments with higher intrest

I think the best bet is to tell them you only got $500 down, see what the numbers are, later on insist that if you use your 7,500 in savings, and pay that for downpayment, that way, since theres more cash involved, should be a better rate

If you offer the 7.5k up front, with bad credit they may not take chances and offer you same rate as if you put 500 down.... Yet if you 1st offer your 500, then say well i can do better ( put 7k more down ( thats 1500% more of a downpayment!) .... maybe they will do you better and know a couple 0.1% 's off

With poor credit, how does downpayment size affect the interest rate?

I agree with Ralfcoder on this except that sometimes putting a down payment is not worth it because it may not significantly reduce the payment per month. For about every $1,000.00 you put down the payment only reduces about $20.00 or so.

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With poor credit, how does downpayment size affect the interest rate?

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