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Started By
Message
What's a smart down payment for a $25-$30k vehicle?
Posted on 4/1/11 at 2:50 pm
Posted on 4/1/11 at 2:50 pm
I've heard that it's not necessarily good to put too much down, as I'm always looking to build my credit. What would you put down? T.I.A.
6
Posted on 4/1/11 at 2:51 pm to RBWilliams8
quote:
What would you put down?
quote:
$25-$30k
ETA: I only finance things that go up in value.
This post was edited on 4/1/11 at 2:52 pm
Posted on 4/1/11 at 2:53 pm to I Love Bama
Yeah, I'm 22... But thanks for the input.
Posted on 4/1/11 at 2:57 pm to I Love Bama
quote:
I only finance things that go up in value.
So you buy houses with cash?
Posted on 4/1/11 at 2:57 pm to RBWilliams8
No offense, but what does being 22 have to do with it. I'm 27.
I'm really not trying to stir the pot, I just know many 22 year olds that went out as soon as they got a "real" job and financed a 30k car and regretted the hell out of it.
If you are dead set on financing a vehicle then put at least 50% down.
I'm really not trying to stir the pot, I just know many 22 year olds that went out as soon as they got a "real" job and financed a 30k car and regretted the hell out of it.
If you are dead set on financing a vehicle then put at least 50% down.
Posted on 4/1/11 at 2:59 pm to Martavius
quote:
So you buy houses with cash?
Nope.
Posted on 4/1/11 at 3:00 pm to RBWilliams8
Put down as much as you need to to be able to make the monthly payment + insurance reasonable relative to your salary and spending. Just go find an auto loan calculator on the internet and fiddle with the numbers.
Posted on 4/1/11 at 3:02 pm to kfizzle85
$25-$30k down would be smart
Posted on 4/1/11 at 3:02 pm to RBWilliams8
quote:
RBWilliams8
Depends upon what type of car note you are able to handle easily and what kind of rate you getting.
Posted on 4/1/11 at 3:12 pm to I Love Bama
quote:
ETA: I only finance things that go up in value.
And pay them off stupidly fast...despite incredibly low interest rates.
Posted on 4/1/11 at 3:13 pm to I Love Bama
I financed my first vehicle at 18. I'm saying at 22 you don't necessarily have the most time in tge world to build great credit.
Fwiw it's a 2011 charokee. Something safe for the baby that doesn't scream soccer mom and isn't bad for me to drive as well. If I were getting something id tear up and regret it would be another Z-71. But thanks for your oh so sincere concern.
Fwiw it's a 2011 charokee. Something safe for the baby that doesn't scream soccer mom and isn't bad for me to drive as well. If I were getting something id tear up and regret it would be another Z-71. But thanks for your oh so sincere concern.
Posted on 4/1/11 at 3:13 pm to Chad504boy
If you're going to a dealer to purchase vehicle make sure you know what interest rate your bank/credit union will charge you. Interest rate is negotiable at dealership and they won't voluntarily give you the best rate they can.
I wouldn't tell the car salesman that your putting any money down until after you finalize sales price.
Also, it's in your best interest to do a private party sale for your current vehicle.
And FINALLY, make sure you walk-out on the deal. They'll call you the next day with a better offer.
I wouldn't tell the car salesman that your putting any money down until after you finalize sales price.
Also, it's in your best interest to do a private party sale for your current vehicle.
And FINALLY, make sure you walk-out on the deal. They'll call you the next day with a better offer.
Posted on 4/1/11 at 3:14 pm to Chad504boy
I as paying $300 a month for my last one. I'm not really concerned with the note, just the smartest thing to do to build credit without outstanding interest rates.
Posted on 4/1/11 at 3:17 pm to RBWilliams8
I building credit with a credit card.
Posted on 4/1/11 at 3:17 pm to Golfer
quote:
And pay them off stupidly fast...despite incredibly low interest rates.
Hilarious that you choose your one post to mock me for paying down debt fast instead of giving solid advice to a 22 year old about to finance a 30k vehicle.
Posted on 4/1/11 at 3:19 pm to RBWilliams8
quote:
RBWilliams8
what parish you live in?
Posted on 4/1/11 at 3:22 pm to RBWilliams8
Depends on what interest rate you can get
Posted on 4/1/11 at 3:25 pm to I Love Bama
quote:
Hilarious that you choose your one post to mock me for paying down debt fast instead of giving solid advice to a 22 year old about to finance a 30k vehicle.
We get it. You're 27, pay cash for everything and will have your house paid off before you're 30.
Despite the fact that might not be the best opportunity.
Contrary to popular belief, debt is not always bad.
This post was edited on 4/1/11 at 3:26 pm
Posted on 4/1/11 at 3:29 pm to Golfer
I never wanted to do a loan for a vehicle, but wouldn't mind considering the option. What's the main plus of this? Besides having a newer vehicle without paying full price 
I have a mortgage for my credit. What's percent interest would y'all start to consider in getting a new vehicle? I say this because I feel like my car may have issues in the near future being over 100k now and no warranty.
I have a mortgage for my credit. What's percent interest would y'all start to consider in getting a new vehicle? I say this because I feel like my car may have issues in the near future being over 100k now and no warranty.
Posted on 4/1/11 at 3:33 pm to I Love Bama
quote:
I only finance things that go up in value.
Doesn't it really depend on the interest rate, and what that $30k could be doing elsewhere? Why throw $30k straight into a vehicle where it's guaranteed to lose value, and fast?
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