Automotive

Minimum amount to finance?

  • Last Updated:
  • Apr 2nd, 2016 7:25 pm
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[OP]
Newbie
Mar 2, 2016
30 posts
1 upvote

Minimum amount to finance?

What is the minimum amount I can finance if I buy a car? Is there a minimum industry amount or is it specific by company? Basically, I want to buy a car that is a bit above my budget but where I would like to pay as much as I can for down payment and finance as little as possible ($3000-$4000). Is this possible?
3 replies
Newbie
User avatar
Sep 24, 2006
65 posts
9 upvotes
Toronto
if financing from a dealership most banks have minimum of 6500-7000 dollars
Deal Addict
User avatar
Sep 27, 2011
3789 posts
2709 upvotes
Toronto
Yes and even if they do the interest rate will be insanely high on a small amount.

Just save the money.
FreezingCanada wrote: We voted him in as God of RFD last month. Where were you during elections...?
Jr. Member
Oct 25, 2013
172 posts
25 upvotes
crazythedon wrote: What is the minimum amount I can finance if I buy a car? Is there a minimum industry amount or is it specific by company? Basically, I want to buy a car that is a bit above my budget but where I would like to pay as much as I can for down payment and finance as little as possible ($3000-$4000). Is this possible?

Tried that but didn't work for me. The interest rate is very high and the loan minimum is 7500. I decided to get a used beater that way I can save for what I really want if I need to get something else and just manage the appliance I have.

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