Higher loans have higher interest cost. Be sure you read over the projected loan documents to understand just how much you will be paying in interest. If it is more than you are comfortable with, taking down the total loan amount can help. Purchasing a very expensive car is definitely going to cost you more in finance charges because you are paying interest over a longer period on a larger sum of money.
On the other hand, if you have the credit to buy a new car, a larger loan could cost you less in interest and finance charges. Many manufacturers offer incentives to people buying brand new cars, with cash back or very low interest rates on new loans. Checking the fine print and asking questions is prudent because sometimes the offers are for a limited time and not the full duration of the loan.
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