Want to finance a used car.need advice?
November 11th, 2008 | by admin |ale961 asked:
Im 20 and am looking to finance a used car..nothing too fancy. Just something that will get me where i want to go and back. I’m looking at around $6,000-$8,000, preferably a Pontiac or a Toyota. Have good credit. How much down would i have to put and what are some good advice i could use?
Im 20 and am looking to finance a used car..nothing too fancy. Just something that will get me where i want to go and back. I’m looking at around $6,000-$8,000, preferably a Pontiac or a Toyota. Have good credit. How much down would i have to put and what are some good advice i could use?
7 Responses to “Want to finance a used car.need advice?”
By Unique S on Nov 11, 2008 | Reply
you’re going to be paying too much if you hook up with a bad finance company. And could ruin your good credit.
By gyro on Nov 12, 2008 | Reply
you dont really have to put anything down. but its easier to get a brand new car then it is to get a used car. and you could even get special financing at the car place. 0% interest . dont but the first one you see you may find a brand new one that will cost less in the long run. good luck
By Kiffin on Nov 15, 2008 | Reply
Generally 10% to 20% down is considered a nice down payment. You can finance through your company’s Credit Union (if you have one), a bank, the dealer or an independent finance company. Just make sure you read all of the fine print prior to signing anything. Good luck.
By cabron o on Nov 16, 2008 | Reply
If this is your first car, you are in the right path. Althought you think that your credit is good, sometimes is not necessarily good for financing a new car. There are a lot of factors for car financing besides good credit. You probably have a good credit but I truly believe, because you’re too young, that is a recent credit. Your highest credit is probably not over $ 1,000.00. Also depends on your income and length in the employment. There are a bunch of credit unions that offer excellent plans for “first times buyers” at an excellent rate. They require a little down payment, but the down payment helps you to keep your monthly payments down.
By dodge man on Nov 18, 2008 | Reply
if you can put down as little as 500 towards the loan it will help a great deal,they may want you to have a co-signer to start off with ,but that’s not to bad,when you go to get the loan be wise and negotiate interest rates with them,if you will ask about it,90% of the time they will lower it from the initial amount they originally stated to you it would be,you also know they will require you to have full coverage insurance on the car also,this is just standard business practice,they want the money or their investment to be protected very well,just handle the deal like you would aything else,you,ll do alright,most young people would want a new car,so your being wise about it,buy used for now and build your credit up some more,good credit is hard to come by,what ever you do,dont mess up ,it only takes one good time to ruin it,good luck with this i hope it helped.
By CarMan on Nov 20, 2008 | Reply
Between a Pontiac and Toyota, I would definitely go with Toyota. Toyota has superior quality, reliability, and higher resale value. However, you should get any car inspected before you buy.
Shop around for your own financing. Don’t limit yourself to dealer financing.
20% down is typical. Not only does it help reduce your monthly payments but it also helps keep you from being upside down on your loan, thereby making it easier for you to sell or trade before your loan is paid off.
By IZitall on Nov 22, 2008 | Reply
If you have good credit or if you can have someone cosign the loan, you shouldn’t have to put anything down… Make sure to use outside financing before you walk into the dealership. Also, do some research on cars.com, autotrader.com and local newspaper for prices. Now a days, dealers offer internet pricing which is usually $1000 – $3000 below the market value. Know this price before you walk into the dealership or you will sure get ripped off…
Also, I am not sure why you are looking at a Pontiac… I mean that doesn’t come anywhere close to a Toyota. Other options are Honda and Nissan and Also Mazda….
Good Luck!