Borrowers with low scores could also be required to make a down payment earlier than even being thought-about for a loan. Whether a down cost is needed in any respect — and, if that’s the case, the required quantity — will usually differ primarily based on the client’s creditworthiness. For instance, a borrower with a stable historical past could qualify for a “zero down” provide or very low down cost.

Similarly, if a person owes $10,000 on a bank card with a 6% interest rate and so t...