Question on buying a new car...?

Question

I have no credit yet, but I've had the same job for over a year, and if I have a down payment of $3000, what kind of price range for a car shouold I look for? What about if I had a $4000 down payment? Would I be able to get a 20,000 or 22,000 car?

Answer 1

If you're going to finance a car, be sure to call different banks, including your own, to get interest rates. I can guarantee you that if you finance through a car dealership, they are going to charge you the highest rate possible for your loan. A few years ago, I got a rate from our credit union and got pre-approval for a car loan. When we spoke with the car dealership, they offered a loan at 1 1/2% higher than our credit union. When we told them we would not go with them, but with our own bank, they miraculously found a lower rate. Don't let them take advantage of you. You can save yourself money by being well-informed.

Also before you buy the car you eventually find and want, check out that car on Edmunds.com , autos.yahoo.com , cars.com . We just purchased a vehicle, and I researched everything I could, made an offer online (being sure to say "out the door" so they could not add any fees when we got there), and got the price we wanted with no haggling at all.

You could probably get a nice, used Honda civic for a good price. They are very safe cars with good resale value, and pretty sweet for a young lady. Have fun looking!
Good luck!

Answer 2

New cars are nice. But the novelty wears off the first time someone pukes in the back seat. Consider buying a slightly used compact car. You can probably get a Chevy Aveo for under $9,000. With $3,000 down, you only have to finance $6,500 with taxes and title. At 6 3/4% interest for three years, your monthly payments would be about $185.00.
As a rule, don't believe anything a car salesman tells you. They prey on young women who are first-time buyers. Try to arrange for your own financing at a bank or a credit union, or through your employer if they will do that.
When the finance manager at the car dealership starts shuffling papers and has you sign things, you won't know what you are buying and how much you are paying...when you use their finance company.
Don't let the dealer sell you anything but the car; no prep fees, no undercoating, no detailing, no fabric protection, no extended warranty, no add-on decorations.
Finally, consider having an attorney look over any papers before you sign them. He will charge a fee, but it will be worth it.
If you put $3,000 on a new car selling for $20,000, your monthly payments will be about $345 for 5 years. When the car is paid off, it might be worth about $8,000 with average miles and in average condition.

Answer 3

Let me tell you without credit you wont be able to do very much or go very far you might be able to get a car with those dealers that do no credit checks and get a 22,000 dollar car but no at a dealer that does check credit but you really need to a establish some credit get a walmart credit card or something like that and just buy little things here and there and pay them off in like 12 months not hard to do at all and will establish you credit...

Answer 4

What you have to ask yourself is; what is this going to cost you in the end? You are looking at a $2400 repair for a decent car with only 80,000 and relativly newer model. after it is done it will probably be fine and driven without problems for a while unless you are finding more to be wrong. even if you sold it as is, you might get at most $2000 for the car. so if you take the 2400 and 2000 you have 4400 to spend on a new used car. A $4400 car is not the greatest in the world. you are looking at buying a older model, 98 or older, with higher mileage. as that stands, you are looking at problems even sooner again with your new used car, and therefore going to have to spend more money fixing that, because you will never buy a used car without having to fix something. So, i would say fix the car for your 2400, and be done with payments. That is the best thing, no more payments. so, depending on what your monthly payment was, you could still be saving more money by repairing it. ask yourself how much have you saved since the payments were finished, does it outweigh what the repairs will be? just what i think should be done.

Answer 5

I guess the price range would depend on your budget and what amount you will be able to afford monthly. The financing company will qualify you for a loan amount depending on your monthly income and debt. Make sure you do some research before making such a big purchase. Most financial experts agree it's a waste of money to buy a brand-new car because they depreciate BIG TIME as soon as you drive them off the lot. Try looking for a certified pre-owned vehicle instead. And don't forget to take into account the amount you will have to pay for insurance. Good luck!

Answer 6

A car dealer will sell you a car in any price range but you may be financing it forever. For your first car by a smaller economical car that you can pay off after maybe 4 years.

Answer 7

If you have no credit at all, a new car is probably out of the question unless you have a very good friend with very good credit that would be willing to co-sign for you, or enough cash to buy it outright.

Answer 8

No you have to have a cosigner you have to have as much as 1/2 the cars worth unless you get a crazy or should I say nice banker!!

Answer 9

LOTS OF THINGS GO INTO GETTING CREDIT-CREDIT HISTORY WAGES-HAVE A CONSIGNOR YOU WILL PROBABLY NEED MORE MONEY TO GET A CAR THAT COSTS THAT MUCH

Answer 10

look at car auctions http://carauctions.deals-guide.com , i found the best auctions there, you can find a good bmw/audi for that price, I found it great hope you do to