Will my interest rate shrink with bigger down payment?

I just turned 18 years old, I have no established credit. I am planning on financing a used car for around 20,000 dollars. I will have a 5,000 dollar down payment on the car. With my 5,000 dollar down payment will my interest rate go lower or stay the same? Also, what do you think my interest rate will be.|||Honestly, it's a bad idea to get a $20,000 used car on finance with no established credit history.





Generally, if you need a loan for a car (it's not an asset like a house that hold or increase in value, it'll only lose value as you own it), you can't afford it. Given your lack of credit history and the fact it's a used car the terms probably wouldn't be good. I would suggest you get a car for $5,000, there are a lot of nice cars you can get for that kind of money.|||Not usually.





The bigger issue is getting approved at all.





Without a cosigner, its probably not happening.





You might be best buying a $5000 car for cash or saving up %26amp; then buying a more expensive car.





Also, in my state, lenders tend to want you to be at least 19 and have income of $2000 a month.|||with no credit or job history you are not getting a loan for that much without Mommy or Daddy co signing