Ok, i found this car i like alot.
It is 15,000 and I have 8,000 in the bank and i could ask my grandpa to lend me 7,000 and ill pay him back in payments. So that way i pay the car cash and im debt free.( i am going to feel a bit depressed since it took me lik 3 yrs to save that money).
Or should i put a descent down payment and do payments i dont know what my interset will be though so it is my first time im kinda confused.
well please help cuz i heard people say to just buy it cash but others say is not worth it cuz it will loose value, but in what way?
please help me decide on what i should do . THANKS
Oh i think the guy will sale it for like 1thousand dollars less if i buy it cash so what should i do?
OH yeah the car is a Ford Focus ... please dont judge the brand or the car it self just give me help on pay rate of the car, i already went online and researched most cars that are '05 models they are more expensive.(just though i shared that info)
2007-05-22 09:44:07 · 15 answers · asked by wii 2 in Cars & Transportation ➔ Buying & Selling
If you have 8k in the bank you should buy an 8k car and not owe gramps. Borrowing money to buy a car is a bad idea anyway, and it's much worse when you borrow from family. Let gramp's money make him some more money in his retirement account.
Oh, btw, ask gramps if he accumulated all that extra cash by borrowing money.
2007-05-22 09:49:26 · answer #1 · answered by steve.c_50 6 · 0⤊ 0⤋
Cash is always better, me personally I won't do it because I'd rather have the cash collecting interest rather than using it up all at once, but If you really don't want to make payments then go for it
2007-05-22 09:47:54 · answer #2 · answered by Anonymous · 0⤊ 0⤋
okay... well i wouldnt suggest to pay the car cash outright..
put like 5k down then your payments would run you around 300 a month. you'd still have money in the bank to make payments if your running short one month but still work. that way you build your credit up while your paying off that car. otherwise you'd get no credit for it at all and next time you go to buy a car, they wont see that you built car credit.
that way you dont have to barrow money and your building credit for a future auto purchase in life.
2007-05-22 10:28:38 · answer #3 · answered by yourmygoodfeeling 3 · 0⤊ 0⤋
In your defense...(and to my amazement)...the Budget Rent a Car people say that the Focus requires the least amount of attention. The are aware of how people treat rentals but the Focus has never broke on them.
So...Best is to pay cash for the whole thing. Don't borrow from anyone. The goal is to owe noone.
Check kbb.com first...make sure it's a good deal.
2007-05-22 09:52:55 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The best thing to do is to buy the car in cash. Anytime you can get away from having to spend your hard earned $$$ on interest is great!!! I know it took 3 years to save the $8000 but would you really want to be making high payments for the next 5 years... If you buy it in cash you have the freedom of selling it too. Vehicles always lose their value (even as soon as you drive them off the lot) so be sure to do your research to make sure you get the best deal for the $$$.
2007-05-22 09:53:00 · answer #5 · answered by kittyxxx123 2 · 0⤊ 0⤋
first of all you are not going to be debt free, you are still going to owe your money its just going to some one else . if you finance the car you will build credit by giving payments. If i was in your situation i would give 4,000 down and save the other 4 G's in case of a emergency because remember you are purchasing a used car so that dont mean you wont have problems with the car in the near future. (trust me you never know)
2007-05-22 09:56:22 · answer #6 · answered by Mr.E 2 · 0⤊ 0⤋
Save some of your money for repairs, maintenance and insurance expenses---I usually figure $100.00 a month for repairs like tires, brakes, regular maintenance and so on. And keep a little nest egg aside or a credit card you only use for that purpose for real emergencies. Best to put down as large a deposit as you can to lower payments, make the payments on time and build a good credit rating.
2007-05-22 09:51:55 · answer #7 · answered by paul h 7 · 0⤊ 0⤋
well pay it all off...instead of the risk of having monthly payments...talk to the guy... be like listen... i have the cash right here for you upfront...but i can only afford it if you knock of 2 g's...making it 13,000...thats the best bet... the other 2 g's are saved for gas...paying your grandpa back...repairs...thats the best way to do it... If you wanna build credit...take out a loan for the like 9 g's... make the payments...show on paper you can pay your bills and get good credit...i opt for the 1st option
2007-05-22 09:49:21 · answer #8 · answered by Anonymous · 1⤊ 0⤋
FIRST, look up the blue book value online ( I always go to AutoTraders site and use their link cause it is easy.) I just looked it is: www.nadaguides.com . A top of the line Focus with 30000 miles is worth no more than $11k from a dealer! $9k from a private seller!!! Do your homework first!
Second, if your grandpa would co-sign you could build credit while you pay it back. The buyer gets cash either way, from you or the finance company.
2007-05-22 09:57:51 · answer #9 · answered by onrecess 2 · 0⤊ 0⤋
i would put down 6000 and save the 2000 and take out a loan from the bank it will help build your credit!! I wouldn't worry that much about interest if you pay the loan back faster then you are suppose to it won't cost you that much in interest anyways. good luck and happy car buying!
2007-05-22 09:49:37 · answer #10 · answered by Supermommy!!! 5 · 2⤊ 0⤋