How much to put down on a car purchase? | TigerDroppings.com

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TigerDent
New Orleans Saints Fan
New Orleans
Member since Jan 2011
192 posts

How much to put down on a car purchase?



How much money should I look to put down on a car purchase? If any? Different amount for new vs. used?






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NaturalBeam
LSU Fan
Member since Sep 2007
13113 posts

re: How much to put down on a car purchase?


All depends on your rate. We got 2.5 on my wife's recent new vehicle. I went in with the intention of writing them a 10k check, but when he showed me that 10k down would only save me about $500 in interest over the 60 month loan, I kept my checkbook in my pocket.





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BACONisMEATcandy
LSU Fan
Delta, Amex, & Über Threads
Member since Dec 2007
41819 posts

re: How much to put down on a car purchase?


quote:

All depends on your rate. We got 2.5 on my wife's recent new vehicle. I went in with the intention of writing them a 10k check, but when he showed me that 10k down would only save me about $500 in interest over the 60 month loan, I kept my checkbook in my pocket.


This is the same thing I did but I have a 2.25 rate

I personally would not get a loan that's a longer term than the bumper to bumper warranty. I have a 60 month loan and warranty is 7 years or 75,000 miles

Just do your research and don't over pay for your purchase






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guttata
LSU Fan
prairieville
Member since Feb 2006
20129 posts

re: How much to put down on a car purchase?


If you do your research, you will realize the extended warranty is usually a waste of money.





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tankyank13
Florida State Fan
Nola
Member since Nov 2012
2297 posts

re: How much to put down on a car purchase?


pay cash





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dallastiger55
LSU Fan
Jennings, LA
Member since Jan 2010
5189 posts

re: How much to put down on a car purchase?


Try for 20% if you can so you're not upside down


It will help absorb the depreciation






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BACONisMEATcandy
LSU Fan
Delta, Amex, & Über Threads
Member since Dec 2007
41819 posts

re: How much to put down on a car purchase?


They wanted $1999 for the extended warranty. I paid $1090 for the double the warranty. Well worth it in my book





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GaryMyMan
USA Fan
Lower Garden District
Member since May 2007
10795 posts

re: How much to put down on a car purchase?


I'm not a math guy, but if you're getting a rate like 2 or 3% why put anything down? I trust myself to make more than that with the money.





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LSUTigers00884
LA-Lafayette Fan
Lafayette
Member since Oct 2011
766 posts

re: How much to put down on a car purchase?


People have different philosophies. I may get heckled for this. I paid cash for first vehicle. Plan on having 2-3k loan on 2nd vehicle. (15-17k down-- includes trade in). And paid off in 6-12 months. I don't want debt. Some see it as no problem.





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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
6583 posts

re: How much to put down on a car purchase?


Got 0.9 on my last two cars, so of course I put down nothing





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MikeD
LSU Fan
Baton Rouge
Member since Jan 2004
1426 posts

re: How much to put down on a car purchase?


Paid cash





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TigerDent
New Orleans Saints Fan
New Orleans
Member since Jan 2011
192 posts

re: How much to put down on a car purchase?


Where should I look to get a car loan from?





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weagle99
Member since Nov 2011
12106 posts

re: How much to put down on a car purchase?


quote:

extended warranty is usually a waste of money






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siliconvalleytiger
LSU Fan
Northern California
Member since Apr 2004
22634 posts

re: How much to put down on a car purchase?


I try and pay down 50% upfront.





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stonerolledaway
UNO Fan
baton rouge
Member since Jul 2011
841 posts

re: How much to put down on a car purchase?


Price-trade = amount





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stonerolledaway
UNO Fan
baton rouge
Member since Jul 2011
841 posts

re: How much to put down on a car purchase?


(no message)


This post was edited on 3/3 at 10:22 pm


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tigers win2
LSU Fan
Baton Rouge
Member since Oct 2009
2013 posts

re: How much to put down on a car purchase?


quote:

I don't want debt. Some see it as no problem.


I am the same way. Writing a check for a new explorer today. Went back and forth on financing or not and just decided I'd write the check and not owe anyone.






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Venelar
LSU Fan
The AP
Member since Oct 2010
354 posts

re: How much to put down on a car purchase?


quote:

Where should I look to get a car loan from?



Penfed has great auto rates. I'd start there






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Venelar
LSU Fan
The AP
Member since Oct 2010
354 posts

re: How much to put down on a car purchase?


Mobile browser...double post


This post was edited on 3/4 at 7:45 am


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slackster
LSU Fan
Houston
Member since Mar 2009
6377 posts

re: How much to put down on a car purchase?


quote:

I don't want debt. Some see it as no problem


"Debt" is very vague. Credit card debt @ 20%? Problem, big problem. Home loan or car loan at 4% or less? Pay your monthly minimums IMO.

It's all about the cost of money. I believe I can do better than 4% with my money over the next 6 years. I don't believe I can do better than 20%. Pretty simple.

quote:

I may get heckled for this.






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