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Getting better financing deals...larger or smaller loan?

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Sukhoi

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Let's say I'm buying a $20K vehicle and have $15K in cash. Will I get better loan rates if I just get a $5K loan, or get say a $10K or $15K loan and pay some it off immediately so I only owe $5K?
 
Probably more reliant on credit score than anything else. Of course, when you buy the car you can ask for finality. If it makes any difference at all the smaller loan will have a better rate or, more specifically, a shorter one, like 24 months.
 
Usually rate is more dependent on loan term than size. Generally the shorter loans have lower rates, but not always. It's a good idea to ask your loan rep if there are any options that offer lower rates.
 
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