Minimum amount to finance?

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Apr 2nd, 2016 7:25 pm

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Apr 2nd, 2016 6:31 pm

crazythedon [OP]: Newbie; Mar 2, 2016; 30 posts; 1 upvote

Apr 2nd, 2016 6:31 pm

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?

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Apr 2nd, 2016 6:41 pm

emlo11: Newbie; Sep 24, 2006; 65 posts; 9 upvotes; Toronto

Apr 2nd, 2016 6:41 pm

if financing from a dealership most banks have minimum of 6500-7000 dollars

Apr 2nd, 2016 7:16 pm

CoolDudeClan: Deal Addict; Sep 27, 2011; 3789 posts; 2709 upvotes; Toronto

Apr 2nd, 2016 7:16 pm

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...?

Apr 2nd, 2016 7:25 pm

Stinson24: Jr. Member; Oct 25, 2013; 172 posts; 25 upvotes

Apr 2nd, 2016 7:25 pm

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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