Overhaulin' - I just been approved for a car loan?

I just been approved for a car loan?

I just been approved for a $8000 car loan, it's my 1st purchase and it will be a used car. I planned on using the whole loan to purchase the car, but as I try to find the car I want I keep seeing down payment for the car. Did I calculate my loan wrong and if so can I change it?

Public Comments

Need some more explanation to clarify
Getting approved for an $8,000 loan means the bank will lend you up to $8,000 on a car which has a loan value of $8,000. The loan value in most cases is only about 90% of the wholesale price of the car. You will need a down payment to make up the difference between the cars loan value and what you buy it for.
If you were approved for an $8000 loan then go find an $8000 car, it's that simple. You'll need cash for taxes, tags and insurance but your loan should cover your down payment and any fees the dealer tosses into the contract.
What. Do you have some of your own money for a down payment. Say you have $2,000 in savings, you could buy a car up to $10,000 --- your $2,000 plus the loan of $8,000.
Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool - carquotes.sinfree.net
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