Jackson investigator loans for $15,575 car what might happen if you found a car he liked for 10,000? The lenders will not let him a smaller amount of money. He would still have to take a banks loan offer. The lenders might give him a better interest rate in the smaller loan. He would have larger monthly payments.
If Jackson found a car he liked for $10,000 instead of the $15,575 loan amount, he would not be able to borrow a smaller amount from the lenders. In such a case, he would still have to take the loan offer from the bank for the full $15,575.
However, since the loan amount would be larger than necessary, the lenders might offer him a better interest rate due to the reduced risk associated with a smaller loan-to-value ratio. This could potentially result in lower interest payments over the course of the loan.
On the downside, although Jackson would have a smaller loan amount, he would still have to make larger monthly payments since the loan is based on the original car price. This means that even though he saved $5,575 on the purchase price of the car, his monthly obligations would remain higher as he is still paying off the higher loan amount.