Help* financing first car
- Thread starter jinx1
- Start date
http://www.edmunds.com/calculators/car-loan.html
Here is how you estimate a payment for 5 years:
Take amount financed, $10,000, and multiply the first 3 digits by 2 : 100x2= $200/mo.
This assumes that you have average credit.
Here is how you estimate a payment for 5 years:
Take amount financed, $10,000, and multiply the first 3 digits by 2 : 100x2= $200/mo.
This assumes that you have average credit.
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In that case you may be required to put down some money. Someone with special financing experience will be able to tell you how much down. I am thinking around 25% down.
Of course it will, because your interest rate will be around 15% to 20%. So your payments will be about $50 more than the formula I gave you above. Remember you'll be financing less money because of your down payment.
some team, im lookin to get an 04-05 Nissan maxima, my credit isn't the greatest tho. Living in nY, what do u think my car note will loook like?
i would like to pay around 300, but is that realistic?
Dude if you going to pay 300 you might as well go for a 07-08 model instead of a 04-05 model.
How much you looking to put down and what do you mean by your credit is not the greatest? is it below 600?
Don't listen to this. Stay below your means. Use this opportunity to build your credit. Make all your payments on time and if your payments are less than what you expected to pay, over pay to get yourself out of debt quicker.
Hey why would he finance a high mileage 8 yr old car when he can get the same car thats half the age with less miles for the same price? stop hustling backwards.
Rick Ronson
Banned
I came to say dont do it.
But you buying used.
But you buying used.
DAMN! Glad my credit good. That shit is rape season!
When I first brought my car my interest rate was 15% I got a lil Ford focus and I payed on time for 8 month. I went back and traded my car in and then Citi financial gave me 5% and I got the whip I wanted
thats wussup. yeah thats what i plan on doing...
ps if i only got 1grand to put down , should i put it down or just save up tilll i put more down?
its gonna look like ima stay around the 10 range cuz the maximas im finding are between 9-10.5
Putting money down is only to pay commission to the dealership. 1000 down will not change your payments at all. So I would keep it
find a cousin, uncle, momma, jumpoff...SOMEBODY and take your ass to a credit union...get a pre-approved loan once you become a member and do it like that....
credit unions will give you the best rates even if you got not so great credit. PLUS...you can potentially refinance it down the line.
credit unions will give you the best rates even if you got not so great credit. PLUS...you can potentially refinance it down the line.
creditboards.com real answers from people with industry experience
some team, im lookin to get an 04-05 Nissan maxima, my credit isn't the greatest tho
i would like to pay around 300, but is that realistic?
Or he can pay on that car for a yr and then refinance through the credit union.
Probably your best bet is to go to a used car lot that has the car you want. There are lots of dealers (not new car dealers) that do this sort of financing all the time. Go on a weekday to be sure they can get the money from their finance companies because on the weekend, they may sell you the car, let you take it, then find that they can't get you financed... and you know what happens next.
! GO to credit union get pre-approved first........The dealer is going to rape you with high interest
If the credit union wont approve you.....then save your money get a cheap car......get a gas card or secured card to bill credit.....u dont need to buy a car to rebuild credit.
If the credit union wont approve you.....then save your money get a cheap car......get a gas card or secured card to bill credit.....u dont need to buy a car to rebuild credit.
Any thing that has "credit union" in its name.
Delta community credit union.
Postal credit union.
Georgia Power credit union.
I use this one with 2.99% for used cars
https://www.penfed.org/productsandrates/loans/vehicleloans/autoloans.asp
You should consider buying a new car like a Corolla. Lenders will be more willing to work with you with low credit.
Yes! A nice corolla is well within your means and it is gas efficient and almost maintenance free. So it will leave you with more money to build your credit.
I know some cat's will disagree with this but check out lendingtree.com in addition to the credit unions. Also, whoever is your current bank or insurance company could also offer a competitive rate. Hit as many places as you can.
And to the brother that said he could get a $23K car with a 10% rate and pay less than 300 a month, can you break that down for me ? With all due respect, that math ain't making sense at all, but I'm open to hear what you've got to say.
And to the brother that said he could get a $23K car with a 10% rate and pay less than 300 a month, can you break that down for me ? With all due respect, that math ain't making sense at all, but I'm open to hear what you've got to say.
co-sign on PenFed 3.29% used. Approved in seconds provided some paperwork and they immediately cut the check.
co-sign on PenFed 3.29% used. Approved in seconds provided some paperwork and they immediately cut the check.
I was lucky to get the 2.99 before it went up. It was crazy, they sent me a check without even telling me. They didn't even ask me for anything except the title to the car.
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