Banky team Reviewed editorial answerThe down payment for a car loan isn't a fixed percentage in the market; it varies depending on the bank or finance company, the car's price (new or used), your income, and the financing program.
Key points
Instead of just looking for the lowest down payment, request a quote for the car itself that clearly outlines the down payment amount, the financing amount, the monthly payment, the loan term, insurance, and other expenses.
A lower down payment might seem convenient now, but it will increase the total amount financed and the overall cost.
The figures, fees and limits in this answer vary by bank and change over time — confirm them with your bank or the official source before acting.