Tips on Buying Cars: Bank loan, ford escape xlt, credit worthiness


Question
Is there a set persentage of a used car price NADA book value, that a bank will loan. I have a 2003 Ford Escape XLT in excellent condition W/50000 miles.

Answer
No set percentage.  It depends on the bank, but more importantly it depends on the credit-worthiness of the buyer.  If your credit is poor or limited, then expect to put at least 20-30 percent down.  If your credit is A-1 perfect, then you can probably finance the entire amount with no money down at all.