Since I have a job at the moment at Marble Slab Creamery, I was wondering if at income tax next year would I have enough to make a downpayment on a car? What is a good downpayment amount? My dream car right now is a navy blue Volkswagon Jetta...is this in a teen's pricerange? Thanks in advance
2006-07-06 22:02:21 · 4 answers · asked by love_joy_peace 2 in Cars & Transportation ➔ Buying & Selling
The bigger question is...do you plan on financing this car by yourself? If so, you have to have a large enough income to support the payment - lenders look at your debt-to-income ratio, and usually, if your car payment isn't less than 30-35% of your income, you don't qualify.
Also, if you're under 18, you can't sign a finance contract.
2006-07-07 02:21:23 · answer #1 · answered by valleyautomotive 2 · 0⤊ 0⤋
At the moment? You do not think you'll have this job long. It depends on what your W-4 With-holdings are and how much you make. Down payments vary by credit scores, car prices, how much you want your payment to be, etc. I've never put less than 2K down on a vahivle, but I've also saved for it. Put a little away each payday and before you know it (WAY before tax time) you'll have your down payment. Do not count on a tax refund, you do not always get one.
2006-07-06 22:08:33 · answer #2 · answered by framer_larry 3 · 0⤊ 0⤋
If you have dependents when you do your taxes you will receive more on your tax return.Also the bigger the down payment is the less your monthly bill will be.
2006-07-06 22:10:04 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Better question is can they afford the insurance on it.
2006-07-07 04:14:51 · answer #4 · answered by mistress_coleen_01 4 · 0⤊ 0⤋