Car loan down payment?

I was a approved for a $10,000 car loan and plan on buying a $12,000 car and cover the difference. I am required to make a minimum %10 down payment upon getting the car, does this mean me putting down the $2,000 difference will count as my down payment? Or do i still have to put and additional %10 on top of that.

I was a approved for a $10,000 car loan and plan on buying a $12,000 car and cover the difference. I am required to make a minimum %10 down payment upon getting the car, does this mean me putting down the $2,000 difference will count as my down payment? Or do i still have to put and additional %10 on top of that. Might be a dumb question but its my first car loan. Don't worry about taxes by the way. Thanks!

Best Answer:

<HAVOC>: If you buy a car for $10,000, you would have to make a $1000 down payment, and your loan would be only for $9000.

If you buy a car for $12,000, you must pay $1200 down, but that leaves $10,800. So, since you are only approved for $10,000, it means you must make a $2000 down payment to get the loan amount down to $10K.

Other answer:

<HAVOC>:
First off, make a $2,400 down payment. 20% down gets you a better deal on the loan. Even though they only require 10% equity, 20% is better.
And, yes, whatever you put down, as long as it's at least $2,000, satisfies the loan requirement.
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Never:
10% of a $12,000 car is $1200. You are paying in excess of that.

Down payment goes to the seller as part of the purchase price.

Love big words:
Yes, 10%
Hillbilly OJ:
Nope, you will need $3,000 down.

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