Car salesman doesn’t want bigger down payment?

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I sell cars it’s definitely because they want you to finance so they can make more money on the backend but sometimes there’s a minimum amount that banks allow you to finance. When you get around the 8 to 10,000 range banks tend to not want to finance anything under that. So it’s either they’re trying to make more money off of you or they won’t be able to get an approval because the loan is so small.

cparks341

The more you finance the more interest they get. I’d just walk away. I don’t want anyone to tell me how to spend my money.

rayfusion7

Get approved through a credit union and then give them 100% down. Never go into a dealer without your financing pre-arranged. And never tell them it’s already arranged until you have an agreed on price. They’re there to sell you the loan also, and they get a kick back based on the size of the loan and it’s interest rate.

Rocketfella307

Got it thanks everybody

Yeahsortofkindof

Dealerships don’t make very much on margins selling cars anymore. They’re more like banks offering loans on cars. You make payments with interest, they make more for the car. Based on what this guy is saying, maybe he gets a bonus for X amount financed and doesn’t care how quickly you pay it off. Look at credit unions for an auto loan to compare rates. Id avoid the dealership unless they have the cheapest rate. Also Ally bank offers auto loans

Eternal_Inflation28