Ok down payment debate

[Hemipower95]

I Got it nevermind..thread closed.

 

[reek]

take what I say with a grain of salt. Been out all day putting up fencing in the hot sun and now many beers in. sooo....

I think the down payment issue is only good for improved loan approval chances rather than insurance.

lets say you agree on $30,000 for a truck OTD. You put down $10000. So you borrow $20000. You total it and you get $25000 from insurance. you're out $5000.

If you put no down payment, the loan is $30000. You still only get $25000 from insurance, you're still out $5000.

As for gap, never had it so don't really know how it works.