Down payment?
 

Hey,
I was just wondering how much are your guys putting down on the purchase of the new Z?

12k altogether and rest is financed through thinkbank (3.99%)

Think about it this way. The more you can put down the less they can interest. Ya know, why pay interest on a 35,000 vehicle when you don't have to. Not only that but the more you can put down the faster you can have it paid, and the faster you can use that money for something else. When i get home i plan on dropping about 15k on mine to keep payments way low, and pay it of in only a couple of years.

^+1

Good Point I put 12k down the rest is financed. But pay it of a lil early use the rest to help credit!

To add on, the more you put down, the less likely the value of your car (depending on what kind of car) will overtake the amount you owe. Negative equity in otherwords.

wow 3.99% how did you get that?
how many months is that?

60 mos. Take a peek at thinkbank.com , they have a fairly simple and easy process for it. I do know that some of the military specific credit unions still offer some crazy rates too.
I know that thinkbank also has a location somewhere in the chicago burbs but not sure. I would suggest you check out bankrate.com, that's how I found that a bank less than 2 blocks from my place was offering these low rates :D

I'm going to put down 10-12K. Just depends on how well the "industry" does in the next couple of months.

oh your right there is one in the suburbs
will give them a call on monday to find out.

thanks!

20% per cent down, check your credit score and credit report first, for errors!

From a financial website:
First of all, a down payment is an indication to a lender that you’re serious about buying this car. You have some financial wherewithal and you aren’t planning on defaulting on the loan if you have cash involved. In a nutshell, the larger your down payment, the lower the interest rate on your loan is likely to be. Fire up that calculator and try out a loan of your own imagination, then drop the interest rate by 0.5% and notice how the monthly payment drops. A larger down payment can cause that interest rate decline.

Second, a larger down payment reduces the size of your monthly payments. This means a smaller constant drain on your budget over the life of the loan. Fire up that calculator again, but this time reduce the amount that you’ll borrow. You’ll again notice a lower monthly payment.

Third, a larger down payment means interest works in your favor more than before. Let’s say you build up that down payment in a savings account that earns 5% annual interest. While you’re saving up, the account is actually helping you by adding cash to your balance. 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. That extra $118.59 will be a reduction in your principal on the car loan, which means you’ll pay less in interest over the life of the loan.

So, how much should you save for a down payment? 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. For example, on a $20,000 car loan at 6% interest over five years, every 1% of down payment is worth $3.87 less on your monthly payment and an overall interest savings over the life of the loan of $32.20. This, of course, assumes that the increase in down payment means no change in interest rate - a higher down payment will reduce your interest rate, depending on the offering from your lender. It also doesn’t take into account that some of your down payment is actually interest earnings if you’ve been saving it up over time (as most people will do).

In a nutshell, save as much as you can, make a nice down payment that gets you a lower interest rate, and you’ll be money ahead.

^^^ Well done.

I agree. I'm hoping to be done with the porn industry and get a fat check from the work I've been doing for the past few months. If I do, it's ALL going to the down payment.

3k

Most likely 20k Total
 

I have a 2006 Honda Accord EX-V6 Coupe (paid for) kbb, high retail in the 13k range and the rest cash.

20k down.

I've got a trade in that will go for about 9-12k and I'll be putting down 5-6k cash.

I put 9k. The credit guy also told me some information I didn't know about when applying for credit. It's not just your credit score, it's all about what's in your credit history. I have a credit score of 733, which is more than enough to get past any "Pre-Approval" crap, but since I'm 26 I have a pretty short credit history. My wife and I together make about $200k a year, but because of my lack of credit history banks were only willing to lend an amount that let my payment be $600 a month. Apparently they use your history to determine a safe amount that they believe you will pay every month. According to the guy doing the financing you could make $400,000 a year with a credit score of 780 and not get approved for a $40,000 car. It all depends on what you show inside your credit report.

If anyone here is a credit expert feel free to correct me, this is all information I was given by someone getting the financing setup for my Z and could just be dealer credit mumbo jumbo.

-polarity

$1500. to get the ball rolling, 15k total.

Sounds right to me.

First car I bought was my 97 Formula. I was 19 at the time. My credit score was around the same... in the 700's. But I didn't have enough history (just student loans and 1 starter credit card). They wouldn't approve me without a co-signer. The loan was about $200/mo which really was nothing at all. But because my credit history had pretty much just started, they just wouldn't lend to me alone.

50% of the total cost.

i will buy it in cash.

Im putting down 30%, about 12k

Thats what I did put down 30%

Between cash and trade in, I hope to put down about 50%.

Will depend on how much the down effects the interest rate and how low of a rate I can get. Was quoted 5.0% last month at which I would put as close to 0 down as possible. Would rather have the money in the market at that rate. If it pushes towards 7.0% I will pay up to 100% cash.

1500 for starters, 20 grand total...

3k

11,000 for the trade and another 7k cash -18k total down. Wanted to limit the amount I borrowed...

I'm hoping to put down about 25K. So that way i can have it paid off hopefully within in 3yrs or sooner.:tup:

say the car is 25K, is 4k good for down payment????

Im putting 30k down, financing 11k (41k OTD)

Yes that is a good down payment.

Are you going through a bank or credit union, cause some banks finacing that low of amount will give you a higher rate because it isn't making them much money in intrest.

In line with what Lou is saying... if you can't get the lowest rate with that mount, I would finance $15-20k, and then pay an extra $4-9k in the first payment. You don't pay any more in interest over the course of the loan, and the only downside is your monthly payment will be larger (but the loan will be paid off more quickly).

And most loans there are no pre-paid penalties

Will dealers still get you qualified and then raise your interest rate to make more money on you?

Yes, we are allowed to mark up the rate. Rates are negotiable. Most states cap it at 2% max mark up

pd cash ,hate to finance my toys ,but in my younger "military" days 10% or whatever the min was.