Do I need to put a down payment on a new car?
I'm looking to buy a new honda accord and my dad will be the co-signer. He has good credit. He told me that I shouldn't put a down payment, but I thought It was mandatory?
In the UK the amount of deposit, if any, depends on the dealer.
With new cars the manufacturer often offers very good finance rates and zero deposit to encourage people to buy their new cars. If you (or your Dad) have a good credit rating and can take advantage of this, then you may as well.
It's more common to need a deposit on a used car, but it's not a legal requirement.
Most companies will insist on a Non-Returnable Deposit. The more you pay as a Deposit the less you will have to pay on finance so interest.
Andy C
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