how much cash do i need to afford an used 14000$ bmw?

Question

i do not have enough right now. im wondering how i should finance. i got 5000$ and only make 730$ a month(part time 17 hrs
). i can spend all my money on the car becuase i dont pay for living expense. im only 20 years old. i dont plan on getting another job because of college.

what would be a good down payment?

Answer 1

20% is standard - $2800 in this case.

Make sure you talk to the dealer about any additional fees/taxes so you don't get stung when you sit down to sign. Also make sure the car's been inspected - spending $14K on a car isn't unwise, but you don't want to be stuck with a junker.

Answer 2

Talk to a finance broker , they can usually get you the best deals.

The fact you say you dont have expenses will not wash with most finaciers, even if you have a good record.

All finance is worked out on your income, your ability to repay, your cost of living, bills, other debts and your work history.

How much cash you will need to buy a car ticketed at $14000 will depend on your ability to negotiate.

Frankly buddy, you have limited income, you are still at school, you are only 20yo, your take home is very ordinary and all I see is either somebody who is a major risk, or somebody who is going to get caught in a debt spiral they will not be able to control and will regret for years to come.

Why do you want such a car anyway, you are going to have to run it, insure it (at 20)
and the premiums will be really high.

Do your self a favour and get a more suitable car for your budget like a little runaround.

I hope you are not thinking about getting this car to impress some tart....... seriously.