Like the down payment, about financing, stuff i need to know and it gonna be a used car.
2007-03-20 16:28:03 · 4 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
Its a Mustang that between 3,000 to 4,990
2007-03-20 16:38:51 · update #1
You must be 18 to go on the car loan. Since you are 17, the loan will have to be in your mom's name. Since you are asking these questions, I will assume your mom has a credit score in the high 500's to low 600's. (if your mom had good/great credit, she would probably arrange her own financing)
To give you an idea of the down payment, check the Blue Book value on the vehicle. What you want to look at is the Kelley Blue Book Wholesale Value. Take that figure and times it by 1.2 and you will have the maximum amount that the finace company or bank will finance. The rest will have to come from your down payment.
Here is an example using your figures. Let's say you get the Mustang that was $4990. With tax, license, doc, and smog you are roughly looking at $5550 total. If the Wholesale Blue Book is $3000, then $3000 x 1.2 = $3600. $3600 is the maximum that the finance company will loan you. The difference in this situation (the amount you are short) is $1900 and that is what you would have to have for the cash down payment.
2007-03-20 19:09:42 · answer #1 · answered by Jim 2 · 0⤊ 0⤋
Since I don't know the what kind of car or how much it is its hard to say but down payment will vary according to your (or your mom's credit) If credit is good you could chose not to put a down payment somethimes and that will lower the monthly payments, only thing I can say that is true is that if you get a sports car you will pay alot for insurance since you are 17
2007-03-20 23:33:49 · answer #2 · answered by dodgefan92 2 · 0⤊ 0⤋
well you might have to make a down payment and make payments each month,try a finance company,instead of a bank,better yet why not just get a personal loan and pay cash for the car.you better have a job,because you will need it.
2007-03-20 23:36:17 · answer #3 · answered by Anonymous · 0⤊ 0⤋
at 17, you should be getting a car that is about 10 years old and paid for. Don't go new- you'll likely crash it and the insurance will be way to high.
2007-03-20 23:32:31 · answer #4 · answered by cwido25 2 · 0⤊ 0⤋