even if i pay cash for 35k and ask for 5k
2007-01-19 17:01:56 · 8 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I guarantee you that if you have 35K and want a 40K car they will sell it to you for that price. I am assuming it is a new one. With a 35K down payment you have a pretty good chance of getting financing if you need it. But offer them 32K for the car and they will reduce the price and then offer 33K. etc. they WILL sell it for 35K
I sold cars for Honda, GM and Ford. New and used so I know.
2007-01-19 19:04:30 · answer #1 · answered by ? 6 · 0⤊ 1⤋
Yes, it probably won't be a problem. However I'd probably defer the purchase for a few months until you can pay cash. Well, personally I'd buy a cheaper car, but you have your desires and I have mine so if you want a $40K car thats OK with me.
There are plenty of lenders who will do subprime auto loans. You might want to consider putting 5-10K in the bank and getting a subprime (high rate) loan and then refinancing in a year or so after you demonstrate a good payment history. That does have its risks - that rates will go up, but what isn't a risk.
The bigger the down payment the more lenient the lenders will be regarding credit history. As long as you are current on all your bills, even if you have had serious delinquiencies in the past, you should be able to secure financing. Check around yourself into different banks and loan sources before you ask the dealer about theirs so you can have an idea of rates and your ability to qualify before you shop. It will put you in the position of choosing the best financing offer.
Enjoy your car!
2007-01-20 01:16:39 · answer #2 · answered by matt the librarian 3 · 1⤊ 1⤋
I would think you wouldn't have a problem getting a loan. I'm a finance manager and without knowing the specifics of your credit, I would say anyone can get a loan for 5k when the put 35k down.
2007-01-20 01:08:06 · answer #3 · answered by yellowstone34 2 · 2⤊ 0⤋
Are you buying a new car? That's foolish. Better to buy the same car in a three-year old model and pay only half. The car plummets in value when you drive it off the lot, just because it's no longer new. The first mile is the most expensive. Instead, pay $20,000 for a three-year old car, and put the other $15,000 into stocks and learn how to make money. If you buy the $40,000 car, it just loses money every mile you drive it. Learn how to improve your credit and stop paying for loans. Read "The Millionaire Next Door" for more info.
2007-01-20 01:09:42 · answer #4 · answered by Katherine W 7 · 0⤊ 3⤋
You probably got bad credit by buying too many 40k cars. Wait a year or two and get it like 30% cheaper used.
2007-01-20 02:01:52 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Seeing that this is the personal finance section, I would highly recommend you rethink spending 40k on a car. You are asking for even worse credit and more debt in the long run. Time to rethink your strategy...
2007-01-20 01:48:11 · answer #6 · answered by What it is... 2 · 0⤊ 1⤋
You should haggle with the car dealers...they might give you a break...
2007-01-20 01:05:59 · answer #7 · answered by Curiously 5 · 2⤊ 0⤋
Why don't you buy a $35,000.00 car?
2007-01-20 02:02:20 · answer #8 · answered by Anonymous · 0⤊ 2⤋