I need help about car loans, interest rate and down payment?

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  1. remobush profile image52
    remobushposted 9 years ago

    My self remo I have started new small business in Hartsville, SC, USA My job is transporting type job I need a car but right know I unable to pay cash amount that’s why I decided to take a car loan but I don’t know nothing about car loan I need help about car loans, interest rate and down payment etc.

    1. Mark Knowles profile image60
      Mark Knowlesposted 9 years agoin reply to this

      Try saving some money first. smile

      But seriously - asking leading questions so that you can set up another account and add links to your spam site is not going to get you that Mustang you have always dreamed of but were too lazy to earn the money to buy big_smile

  2. TheMoneyGuy profile image74
    TheMoneyGuyposted 9 years ago

    I get the duplicate profile remark now.  I flagged the hub but didn't see these other posts at first.

    TMG

    1. Mark Knowles profile image60
      Mark Knowlesposted 9 years agoin reply to this

      You get to spot them after a while.

      "Does anyone know a website where I can get...............?"

  3. TheMoneyGuy profile image74
    TheMoneyGuyposted 9 years ago

    It would have never occured to me.

    TMG

    1. Specificity profile image58
      Specificityposted 9 years agoin reply to this

      Oh?  You must work for a living.  How quaint.

      Specificity

  4. Uninvited Writer profile image80
    Uninvited Writerposted 9 years ago

    Bingo!

  5. BundleBoy profile image78
    BundleBoyposted 9 years ago

    remobush, I would suggest you contact your local Credit Union. They will be your best bet - they give you a better deal both in terms of interest rates and fees.

  6. profile image48
    Blackngoldbananaposted 9 years ago

    Every car lot I know offers financing.  The best deal can be had if you have A+ credit.  When you hear ads on TV that promise 0% financing, blah, blah, blah, that only means for people with excellent credit.

    The lower your credit score is, the higher your interest rate will be.  You can always spread your payments out too, usually anywhere from 36 to 60 months or even longer in some cases.

    If you have bad credit, believe it or not, they will try to sell you a car that is worth more because they feel like they will be able to recoup their losses better if and when they have to repossess the vehicle.  If you don't make your car payment after 3 months, a tow truck will come in the middle of the night and take it away.

    If you do go to your bank or credit union and get turned down for a loan, don't fret.  Usually the car dealer will be able to get you a loan.  Note that I didn't say deal.  If their financing is all you can get and you are desperate for wheels, you may end up paying close to 20%.

    You do not need a downpayment...they might tell you that you do but if you have good credit, that's basically a way for the salesperson to get a bigger commission.  If you have bad credit and you offer a downpayment, they might ask for more because it will make it easier on them to get financing for you.  If your credit is really horrible, or nonexistent, you can always get a co-signer for the loan (but that can get tricky if you can't pay it back...) 

    You can also, of course, use a trade-in as a downpayment, but if the car that you are trading in has more than 100,000 miles, you aren't going to get more than $500 bucks for it because a dealership doesn't usually try to resell it...they just send it to the auction and try to get a few bucks out of it.

    If you get to the point where you are negotiating a price.  DO NOT take the first offer...dealers won't even expect you to...haggle a little.  They will ask you what you think you can afford each month...don't tell them the real figure....give them a lower figure so when they come back from the manager it will be closer to what you really had in mind. 

    When you meet with the finance guy to sign the papers, he will give you a song and dance and try to make you buy an extended warranty.  Don't do it, in the end, its much cheaper just to get the darn thing fixed on your own.

    I used to sell cars for a living and I'm sure I'm forgetting some stuff here, but if you have any other questions, just email me or something.

  7. profile image48
    Blackngoldbananaposted 9 years ago

    One more thing about interest rates...there are interest rate calculators on line, but also remember that if your interest rate is, for example, 6% your payment will only go down $6 for each thousand you put down as a downpayment.

    For instance:

    You put down $2,000.. say your payment would be $300/mo, if you put down $3,000 your payment will only go down to $294/mo if your interest rate is 6%...do you see what I mean?  Its much better just to put down the $2,000 and save that "extra" thou back and make three payements with it....just in case you get into a bind in the future.

    Your first payment isn't due for a about a month after you buy your car, but remember that you have to pay sales taxes and pay for the title transfer, license plates, etc.

 
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