How does 90% loan to value loan work on a car? and Zeidman's Loan

How does 90% loan to value loan work on a car?

I was approved for a car loan with 90% loan to value. The lady tried to explain it to me but I didn't fully understand. She said that I am approved for 90% of the nada retail value. Does this mean if I get a car for say $ 13000 but the nada value is $ 15000 do I have to pay anything up front?

Thanks.


loan best answer:

Answer by Scott H
It means if you want a loan to buy a $ 10,000 car, you can only borrow 90% of that amount ($ 9,000) and will have to come up with the $ 1000 down payment on your own.

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Zeidman's Loan
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Detroit, MI 48207-3294
(313) 567-7170

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