Will I need to make a down payment?

Some lenders require a down payment based on factors like your credit profile, the vehicle price, and loan terms. If a down payment is needed, you’ll see that reflected in your pre-qualified offer or when finalizing your loan with the dealer. 

If you can afford a down payment, this will help improve your monthly payment rate. A recommended down payment for a used car is generally around 10%, and 20% for a new car. However, this can vary depending on several factors, including your individual circumstances, the dealership, and the lender institution.