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
203 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?


NaturalBeam
LSU Fan
Member since Sep 2007
13132 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.


BACONisMEATcandy
LSU Fan
Delta, Amex, & Über Threads
Member since Dec 2007
42499 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


guttata
LSU Fan
prairieville
Member since Feb 2006
20383 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.


tankyank13
Florida State Fan
NOLA
Member since Nov 2012
2572 posts

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


dallastiger55
LSU Fan
Jennings, LA
Member since Jan 2010
6099 posts
Online

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
42499 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
11125 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
789 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.


ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
7186 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


MikeD
LSU Fan
Baton Rouge
Member since Jan 2004
1647 posts

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


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

re: How much to put down on a car purchase?
Where should I look to get a car loan from?


weagle99
Delaware Fan
Member since Nov 2011
14536 posts
Online

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
Bay Area, CA
Member since Apr 2004
23494 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
844 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
844 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
2133 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.


Venelar
LSU Fan
The AP
Member since Oct 2010
398 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


Venelar
LSU Fan
The AP
Member since Oct 2010
398 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
6942 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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