What's the difference between an $8,000 loan with zero down and a $16,000 loan with $8,000 down?
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- n2mamaLv 72 months ago
I’m not sure I understand what you’re asking. In the first situation you have a total of 8,000 to spend (8,000 loan + 0 down payment). In the second situation you have a total of 24,000 to spend (16,000 loan + 8,000 down payment). The loan amounts are not the same, and in the second scenario you have three times as much total to spend.
- Elaine MLv 72 months ago
The interest rate that goes with each one.
- curtisports2Lv 72 months ago
The first is unsecured and the second is secured - by the down payment. If you default on the first before making a single payment, you have lost no money (yet). If you default on the second before making a single payment, you lose $8,000 (+)
After that, there is no difference, as long as the interest rate and other terms are the same for both.
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- SlumlordLv 72 months ago
The loan is the same, who knows about the interest rate. Some of the closing costs might be based on the asset value (like transfer taxes, if they came into play) and thus be different.
- SumDudeLv 72 months ago
Confusion. You do not pay money down when you get a loan. Any loan origination fee would be part of the loan generally speaking.
- Anonymous2 months ago
The 2nd one protects the lender more.
People who buy a car with zero down often do not hesitate to stop making payments if the motor or transmission goes out.
With $8000 down, the car is better and less likely to die before most or all of the loan is paid.
- danxp2Lv 62 months ago
Possibly interest rates are different.
- A HunchLv 72 months ago
Since you are putting money down it appears you are buying something (a car?)
Option 1 - no equity; can only buy a $8000 car
Option 2 - 50% equity from Day #1 and you have a $16000 car.