We also pull trailers, so we don’t get great gas mileage, however we all live within 2 miles of our workplaces. Chase mortgage refinance refinancing your mortgage can be a smart. Search over online psychology psychology degree programs.

Let’s say that I’m 23yrs old. I’ve had it for 7 years now payment free. The best you’ll probably be able to get for the car is about 80% of the asking price, but if you’ve made no down payment, even selling the car right now will leave you with 20% of your loan unpaid and nothing to show for it.

Generally, I encourage people to have at least a 20% down payment when making a car purchase, and anything above that is good as well. I always feel I get a better vehicle down payment deal with checkbook in hand. These “incentives” aren’t incentives for you to get a good deal, they’re incentives to get you to buy more car than you need, and pay too much, usually on a car lease or a loan that looks good on paper but really isn’t in actuality.

In addition to stopping by your local credit union I also suggest that you check out some trustworthy online car loan sites. Real estate commission real estate fees approved. Then you can save your money and buy cars(and things) you can actually afford. I pay cash for my vehicles and detest car payments. I do still drive it daily so I guess I got my money’s worth.

Be confident that you can haggle with strength on all three angles of the buyers triangle. Also, when an insurance company pays on totalling a car, they use “blue book” – or dealer retail, which you will NEVER get as a private party selling or trading a car. Just wanted to update… we are NOT going to repair the Escort. Sep bank repossessed cars for sale.

I would never advise anyone to put 100% down on a depreciating asset. If you live in a city with public transit, then this is not at all difficult to do. And don’t forget a couple of extra issues. You’re in good shape if you can have at least a 10% down payment on that car, because a used car can usually be resold without a major depreciation loss. If i had to pay a mechanic every time I would probably spend the $600 in full every year.

I changed the brakes once ($100 job) and the tires once ($200), but I got to drive the car for 95,000 miles. I had an old car when I just started working after grad school. Get these issues straightened out before you move on. I think buying a cheap used car with cash isn’t a bad idea but I don’t like the idea of putting down 100% on a new model unless you are wealthy of course.

Anything held over a year is a long term gain when you come to sell the. In a nutshell, the larger your down payment, the lower the interest rate on your loan is likely to be. Negotiate and wait to get that price or lower. I’m with everyone who goes car-free. He paid less, drove his for a year and it was totalled in an accident. If you’re buying new, you’ll need at least a 20% down payment on that car, and here’s why.

Simple basic cars are more reliable and have fewer things to go wrong. Infact, half of what they say you “have” to pay is simply untrue. If you remove the need to haggle over payments by having 100% of the cash, then the consumer has an advantage on the salesman’s “buyers triangle” tactics because now suddenly the one thing most people are most concerned about and the salesman is trained to push the hardest is simply gone from the equation. Ride your bike until you’ve saved enough to pay cash.

Should I just keep it and wait until I can save something up for a trade or try to sell it, I have been and looked it seems as every dealership thinks I am about 9,000 in the whole. Over the next three years, instead of spending a car payment each month on a car that is and will continue to fall apart, I will be spending slightly more (~$150) per month for a car that will be a three-year-old used car in excellent shape when its paid off. Of course putting a little cash down doesn’t hurt. I have a 96 Ford Escort that has 289,002 km on it. Then choose the option that makes sense financially, but save enough money in high yield savings in case bank interest drops significantly compared to loan interest. I bought a new car in 99 for $12000 before I knew how financially stupid it is to pay interest on a depreciating asset.

Since we are talking short-term, I would compare regular bank interest to loan interest not stock market gains. Payday loans through cash train s express application are as simple as it gets. Fire up that calculator again, but this time vehicle down payment reduce the amount that you’ll borrow. Mar having bad credit doesn t always mean you can t get a loan put money in your. Not only is the formula for calculating a credit score not public, but the methods a lender will use to translate that score into a loan aren’t public, either. I’ve been driving for 28 years and I’ve lost count of the number of cars I’ve owned.

I found the Ramsey link very interesting and his system makes a lot of sense except vehicle down payment for his continued insistence that you’ll get 12% on mutual funds. For example, putting in $100 a month for two years leaves you with $2,518.59 in the account, an extra $118.59 that you didn’t have before. I don’t have enough space here tell you all the little problems I’ve had with it and that doesn’t include the the $5-6000 my friends had already spent on it. One of us chapter bad news breaking. I’m sorry – but you guys are all missing the point. What happens if you lose your job for awhile.

I have learned since then that it doesn’t make sense to buy new. If, on my way home, I get hit by someone else, insurance will vehicle down payment only pay the value of the car–not the payoff amount. We threw all extra money to the car loan and paid it off in a little under 12 months.

I was driving a 2000 car that I bought in 2004, when I was fresh out of college with miserable credit and (apparently) poor car-researching skills. At this time of the year, you may get 0% financing on many models or a instant rebate. The only “legit” charge is the destination fee. And he put way more miles on his car and had less car problems too. There is an opportunity cost of your capital.

Now I am ‘earning’ 1.6% on my money before I pay it to them. I think that my dh could drive it for a year or so, and we could probably sell it for that amount and then decide what we wanted next car down the line. I think that saving up so that you can pay cash for a car is great, but everyone has to start somewhere. I have a $2,000 gap in what I owe versus what its worth. There can be a huge difference in costs between different models of the same car, too. In the current state of the economy, it’s important to have as much liquidity as possible.

A car in almost every case, is NOT an investment. I also got a $1500 rebate incentive, her brother in law works at GM, she got the employee discount. I come to blogs like this, and read don’t buy new, pay cash, etc. This is good information for recent college grads and others who are just starting out and don’t want to get themselves too much into debt. Now that you have all of this information, you’re ready to figure out how much down payment you really need. The thought of spending even $10K on a car, which many people seem to think is a “great deal”, blows my mind.

But then my dh’s family, his dad especially, are all in favor of buying new and driving the cars until they die because that’s what they’ve always done.