can i finance a decent car that cost around $5000-$6000 and pay $100-$125 a month?

Question

i'm trying to buy a car that cost around 6000 dollars i was wondering if i down payment around 2000 dollars ...can i still finance the car with a fair credit score and still pay around $100-$125 monthly? is it possibble? becuase thats all i can afford monthly.

Answer 1

its possible...but not likely. Probably around $150 - $200.

Banks are reluctant to go 48+ months on older cars, or vehicles with very high mileage.

finaning 5,000 for 36months at 8.5% the payment is $158. 48 months would be $123....

(And don't forget to consider sales tax and license and registration fee's)

Answer 2

You'll need to have more details on the car in order to get a correct answer. Like (year, make, model, and miles). If it's a Deawoo... NO. I don't know a bank that will finance that for you, unless it's your personal bank that you've done business with for years.

If it has mileage over 75,000 but less than 100,000 then you can probably finance the ballance for about 36 months at a higher than normal rate. A car with high miles is a high risk loan. The higher the risk, the higher the banks interest rates and the shorter the term allowed. A car with high miles is a higher risk as they tend to have mechanical problems in the near future which cost money to repair. Some buyers, tend to be in a financial situation where they can't afford both the repairs and the monthly payment so the monthly payment is not made in a timely mannor. Banks understand this and as a result charge a higher amount of interest and allow a shorter term to finance.
If you are purchasing this vehicle from a dealership, then you can consult with them about finance options.
Be sure to run a carfax report on the vehicle before you sign the purchase agreement. Carfax will buy the car back if you find out later it was either a lemon or a total loss vehicle and has a salvaged title. This also gives a little history of where the car spent it's life.
You should be able to finance the vehicle for what you want to pay, with your down payment of $2,000.00. But it just depends on the vehicle mostly. Good luck with your new vehicle.

Answer 3

Maybe at a used car lot where you will get something that may be great or it may be someone elses problem. the thing is they are gonna want a little down. At least #-500. probably. So, start saving those payments, they may do it if your credit is good and you live and work locally. Just depends on how bad they want to sell. Just remamber it will probably need something soon, and you will need money to pay taxes and ins. and register it. So, that said. Take it to someone you know or spend 50. to take it to a garage and have them check it out for you. It could save you a bundle and a lot of heartache down the road. That's my opinion. good luck. Remember also, the kind of car you buy will determine your ins. rates too. So, looks and speed aren't always the way to go when you need cheap.

Answer 4

i just bought a used car today . my top dollar payment that i cld afford was 175 i told them i cld not go beyond that. they worked with me (with some help from my mom lol) and my payments are 172 and thats on a vehicle that cost 7200. so yes, especially if u have a down payment, they will work with u to get the payment u can agfford if they really wanna sell a car

Answer 5

i own a repair shop,and simply put ,without writing a book about it,its really going to be hard to get one at the rate you want it for,payment for a loan of that amount usually run around 200 a month,you might check around and fine someone that will do it though,,good luck with it,i hope this help,s.

Answer 6

Depending on the car, the milage, term and credit history, yes it is but the dealer will be able to help you once they see all the information and your credit history

Answer 7

Yeah definitely and if you can get financed thru a credit union it will be even better for you.