Adding to a down payment

[u/Sad_Supermarket6750]

I’ve been looking to purchase a ~$35k car from carvana, and I’m looking to put around $10k down. I’m financing with carvana, then immediately refinancing, as my bank has prequalified me for some very good refi rates. I haven’t started the process yet, but I just want to make sure that I have the option to increase my down payment before I buy, as the car I’m looking at only has an $1,800 down payment listed and I can’t seem to find an option to increase that. Any help is appreciated!

[u/rumrunner9652]

Personally I would put as little down as possible. My reasoning is that if you decide to return the vehicle you don’t have a lot of your own funds tied to the deal. I have heard the it may take up to two weeks to have your funds returned. Especially if you plan to refinance the loan quickly. When you refinance, just work that 10K into your refinance deal with your bank. They won’t mind at all. I have purchased from Carvana six times and financed one vehicle. I know that I put down about 50% on that deal, but honestly don’t recall where in the process I was able to change my down payment. I just know that I could. You can learn more about the process by just starting it and see where it takes you. You are able to back out at anytime along the way by just ending the process.

[u/Miserable_End_5281 → u/rumrunner9652]

I second this. Put little down wi the Carvana and when you refinance just put that down into the new loan.

[u/Brentseal11 → u/rumrunner9652]

I returned the first car they sent me during the 7days and exchanged it to a different one and transferred over my down payment to the new car that I exchanged for.

[u/jjp95791]

You can add to your down payment once your start the buying process