Question

Antoine is going to take out a loan to purchase a used car.

Which of the following would allow Antoine to lower his monthly
payment? Select all that would cause the payment to be lower.
Higher Down Pa

Answer 1

To lower his monthly payment for a used car, Antoine can make a higher down payment, improve his credit history to qualify for a lower interest rate, or extend the term of the loan, although the latter may increase the total amount of interest paid over time.

Step-by-step explanation:

Antoine can lower his monthly payment for a used car by considering several factors. The first and most significant way to reduce the monthly payment is by making a higher down payment upfront. This reduces the principal amount that needs to be financed, thereby decreasing the monthly payments. Additionally, Antoine's credit history plays a crucial role in determining the interest rate he will receive. A better credit score may qualify him for lower interest rates, which can lead to smaller monthly payments. Finally, Antoine might want to consider extending the term of the loan, meaning he pays it off over a longer period. This can lower monthly payments, but it's important to remember that this might result in paying more interest over the life of the loan.