I applied for a car loan through my credit union. It was approved for 80% financing through payroll. What does all this mean as i am still young. Do i have to come up with the 20% at one time??or will payments get drafted from my account whenever i get paid?
2007-06-23 18:53:47 · 5 answers · asked by shorty82 5 in Business & Finance ➔ Credit
This means you are required to put down 20% down payment. So if you buy a car that is $10,000 the loan will be for $8,000 and you will owe $2,000 to the dealer. The down payment of $2,000 would have to be made to the dealer before you take the car, unless you make a separate arrangement with them. Depending on the dealer they may let you stretch out the down payment over a couple of months, however during this time you would have your regular loan payment to the Credit union and the payment to the dealer.
2007-06-23 19:00:51 · answer #1 · answered by OC1999 7 · 1⤊ 0⤋
1
2016-09-26 13:29:42 · answer #2 · answered by ? 3 · 0⤊ 0⤋
If you are approved for 80% financing, then yes, you need to come up with 20% for a down payment. If you already have a car and are trading it in, that could count toward the 20%.
The payments will be deducted from your paycheck. Check to see what happens if you quit or get fired from your job. Most likely, if the loan is current, you would just continue to make the payments on your own.
2007-06-23 19:55:44 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Probably you need to put up 20% as a down payment.
Is it payroll deduction? Or EFT (electric funds transfer)?
If payroll deduction they will take what you owe out of your paycheck before you ever get it so you don't have to send the payment yourself. If it's EFT, you've given them permission (upon accepting the loan) to withdraw the money from your account on the date it is due each month-- regardless of your account balance at the time.
2007-06-23 19:01:37 · answer #4 · answered by bernel1403 5 · 0⤊ 0⤋
give your wii a ******** that will work
2007-06-27 11:01:39 · answer #5 · answered by J 2 · 0⤊ 0⤋