I just sold my jeep grand cherokee for 16,000, it was paid off so i have all that to spend, I'm buying a 07 convertible eclipse for 26,000 from a personal seller so it wont include tax. I will be financing 10,000, or atleast trying. I have a savings of a little over 8,000, but i dont want to put it all on my car i would just like to pay payments, do you think it will be possible for me to get a loan on the car for 10,000 if i put 16,000 down at my age and my credit?? And if so, about how much will my interest and payments be for 48 months. Thanks for the help.
2006-10-05 07:29:00 · 3 answers · asked by pool t 1 in Business & Finance ➔ Personal Finance
You may have to get a co-signer for the loan. Credit Unions are the best places to get a loan.
2006-10-05 07:34:32 · answer #1 · answered by lpogue2005 3 · 0⤊ 0⤋
The answer to your math question all depends on the interest rate. If you belong to a credit union, that will give you the best interest rate. If you have savings and employment you may be able to qualify to purchase the car you want however wouldn't you be better off from a financial standpoint in buying a car that's a year or two old already??? Whether you get that $10,000 loan really depends on your ability to repay. You may require a co-signer for your first major purchase but someone like you should be pretty easy to find because you are already showing responsibility being able to save money. What do you have to lose by applying??? Just don't keep applying and getting turned down. Start with a credit union and/or your parents.
2006-10-05 16:41:38 · answer #2 · answered by Anonymous · 0⤊ 0⤋
First of all, when you go to register your car, in most states you will be required to pay the sales tax so you better be sure by checking with the Department of Motor Vehicles in your area.
Debt is bad. Pay cash. Why is it necessary to have an 07 convertible with a string of debt? You should be able to buy a pretty good looking and running car for 10,000 and put the rest of your money in savings! Debt is bad and it will stress you out. Chances are you are going to get a pretty high interest rate because of your age and lack of credit history. IF you can find a bank to give you a loan, I'll be surprised. Your payments will vary depending on the interest rate they give you. Banks are a little less likely to lend to someone in your situation than a finance company that works with Auto Manufacturers.
2006-10-05 14:41:24 · answer #3 · answered by favrd1 4 · 1⤊ 0⤋