How much down payment for a car?

Edmunds data shows that the average used-car down payment is about 11.7 percent of the selling price. This should be adequate for a used-car purchase from a private party since the prices are lower and the depreciation is slower. read more

Here’s what you should do, summed up in one paragraph: Have at least a 20% down payment — unless you’re buying an old car, then 10% is the bare minimum. If you find that the interest rate is over 7%, save for a bigger down payment and wait until you absolutely need the car. read more

Lenders may require more money down on a new car than a used car to offset its quicker depreciation. Typically, an initial payment of 20 percent or more of the purchase price is wise. This works out to $6,000 down on a $30,000 vehicle, resulting in a financed amount of $24,000. read more