And we need a vehicle with three row seating, so there aren't many (or any) inexpensive options. We don't know what to do. Should we lease for the smaller monthly payment? We were also thinking of refinancing our home and getting cash out to pay for the vehicle; would this be a good or bad thing to do? Any advice would be appreciated.
2007-02-20 17:42:57 · 6 answers · asked by a heart so big 6 in Cars & Transportation ➔ Buying & Selling
Doesn't have to be brand new....just new to us.
2007-02-20 19:15:22 · update #1
Currently there are car loans out there for up to 7 years available. What you consider a high monthly payment is my next question. You can get financing for $30,000 for less than 3.5% APR for about $400 / month @ 7 years. I would caution you on stretching it out any further than you have to. If you put 30,000 or more miles per year, I would finance for 4 years max.. If you put 20,000 or less miles per year then you could safely go to the 6-7 year loan on a new vehicle. I would discourage taking home equity to pay for a "depreciating the minute you drive it off the showroom floor" vehicle. That would not be a viable option from my view point, and would certainly be a last resort. If you have something to trade in, it will also help reduce the principal. Good luck.
2007-02-21 03:50:03 · answer #1 · answered by Doug R 5 · 0⤊ 0⤋
Dear friend first you need to ask your self what the main purpose of a new car is for economy,miles per gallon small cars.or comfort more room SUV.or cargo room trucks.then look in to new 2006 maybe even 2005 they mite still be some left out . their really is no way of getting around high payments.the only way to do this is 1 get best price on car never buy that day do your research get as close to invoice as possible Kelly blue book will give you invoice on any car.2 find best interest rates for your credit statute. from any bank or institute of choice. 3 extend yrs on financing you can go as long as 7yrs .4 money down which I do not recommend.Never necessary unless credit is an issue.hope this helps you
2007-02-20 19:30:01 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I think you should definitely consider leasing. This way you have lower payments AND you can get a brand new vehicle in a couple years - to avoid all the mechanical problems that might arise. I would not refinance the home or anything - you can probably get a low enough lease, save the refinancing for big emergencies.
2007-02-20 17:50:35 · answer #3 · answered by Susan 5 · 0⤊ 0⤋
Why does it have to be new?? Buy one that is a couple of years old and still has a warranty left on it. Most new vehicles take a big hit on there value in the first two years.
2007-02-20 19:09:21 · answer #4 · answered by Anonymous · 0⤊ 1⤋
If you're short of $, buy a used mini van.Buy it for cash & you can save a bunch by going lean on the insurance.
2007-02-20 17:51:12 · answer #5 · answered by Anonymous · 0⤊ 0⤋
!These days to own and drive a car is a luxury!
2007-02-20 17:50:34 · answer #6 · answered by Jn 3 · 0⤊ 0⤋