When I had no credit, my sizable down payment went a long way

[theking]

When I bought my first new vehicle back in the early 90s, if I didn't have a sizable down payment like I did, they would not have sold it to me:

What is a down payment? And how much should you put down?

Pros. A 20% down payment is widely considered the ideal down payment amount for most loan types and lenders. If you're able to put 20% down on your home, you'll reap a few key benefits.

[NtsesHnub]

20% down is too small for me.  I down 3/4 for my corvette.  I could of cashed it out but I'll be eating spicy Ramen noodles for a month.  That was 7yrs ago.  Now it's time to buy a "house" and do the same thing but the market is too jacked up.

[theking]

Cash talk even when you have no credit 

[hmgROCK]

This is bad TRASH advice
You want to put down $0
Yes $0 as in zero

 

[NtsesHnub]

Cash talk even when you have no credit 

I have no credit lol. 

[theking]

This is bad TRASH advice
You want to put down $0
Yes $0 as in zero

NOW you know why the claim below is such an EPIC FAIL...like THAT GUY  :

I ALREADY STOP CLICKUON THEM

[hmgROCK]

Zero $0
Thats how much you want to down
Thst goes for all loan: CARS AND HOUSE

now go do some google research

[Pretend_Vanilla]

I buy used car with cash. Under 10K.

Car value depreciates really fast. 10 years pass and its worth less than half of what you bought it for.

A house on the other hand holds equity. The value of a house can go up.

[Pretend_Vanilla]

Thats a good car rule though. Finance it for 4 years only. Hold it longer than 5 and your still paying full price than book value reflecting at a different price.

[theking]

Zero $0
Thats how much you want to down
Thst goes for all loan: CARS AND HOUSE

now go do some google research

Now you know why the neutral PH members said, THAT GUY "don't know anything"..

And oh how can we forget the EPIC FAIL below...like THAT GUY  :

I ALREADY STOP CLICKUON THEM

[theking]

I buy used car with cash. Under 10K.

Car value depreciates really fast. 10 years pass and its worth less than half of what you bought it for.

A house on the other hand holds equity. The value of a house can go up.

Generally speaking, yes but there are some exceptions as not all cars lose values and not all houses appreciates due to several variables...

I'll used my Tacoma for example. A Toyota dealer offered me more than what I paid for it back in 2017 recently but I told them it's not for sale as the V6, 4x4 and 6-Speed manual combo spec is rare and hard to find.

[theking]

Thats a good car rule though. Finance it for 4 years only. Hold it longer than 5 and your still paying full price than book value reflecting at a different price.