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Buying truck, should I put towards wife's car instead of down payment?
Posted on 2/15/17 at 7:54 am
Posted on 2/15/17 at 7:54 am
So I'm buying a new truck and they're offering 0% financing. I was wondering if I should use the money I have for a down payment (approximately $7000), plus pull about the same amount out of savings to pay off the wife's car. She's paying about 4% interest. Then we would only have 1 note. Or is this just not a good idea all around.
2
Posted on 2/15/17 at 8:15 am to bak8367
Without getting into it too much, dealers play games with interest rates. If they will honor 0% AFTER you have negotiated a cash price, then go for it. In other words, don't let them negotiate the payment, negotiate on cash price. No need to put a ton down if you truly get 0%.
The wife's note isn't too high of a rate, but still good to get the car paid off as it isn't gaining any value.
The wife's note isn't too high of a rate, but still good to get the car paid off as it isn't gaining any value.
Posted on 2/15/17 at 8:56 am to OceanMan
quote:
If they will honor 0% AFTER you have negotiated a cash price, then go for it. In other words, don't let them negotiate the payment, negotiate on cash price.
This x 1000
Posted on 2/15/17 at 9:41 am to Vols&Shaft83
Seems like if it's 0% cash price = monthly price x 60 months. Pretty basic division happening if he negotiated his monthly payment x 60.
It could actually help if he said he couldn't go over ($400/month) knowing his buying price goal is $24k.
He literally could say "wife said no more tha. $400/month payment so yes or no?"
Might get him closer than when he is back and forth at $24,800 and they sticking to their guns because you have no real objection that would make you walk out the door.
It could actually help if he said he couldn't go over ($400/month) knowing his buying price goal is $24k.
He literally could say "wife said no more tha. $400/month payment so yes or no?"
Might get him closer than when he is back and forth at $24,800 and they sticking to their guns because you have no real objection that would make you walk out the door.
This post was edited on 2/15/17 at 9:42 am
Posted on 2/15/17 at 10:54 am to bak8367
How much longer do you have to pay on your wife's car? If it's a year or so, I would keep my cash and just tough it out paying two notes. You can even use the $7000 to pay for it over that time. I would hold on to my cash as long as possible. Cash is king!!
Posted on 2/15/17 at 2:21 pm to dlambe5
only problem I see with putting zero down, you may need GAP insurance.
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