I'm in need of a new car. I'm looking at this nice black BMW for a little less than 20,000. I want to put down the average/minimum for a down payment, and pay it off within 5-6 years. How much is a good price? I want to avoid getting ripped off.
2007-10-01 17:19:02 · 2 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
depending on credit, you can put nothing down, the more you put down the less interest you will pay, the price will depend on model, mileage and condition, call your bank and ask how much they will lend on the car you want, they should give you a value without any obligation
2007-10-01 17:31:36 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Be careful on how much you put down - especially on a used car. If you finance the car for 5 or 6 years, you will quickly reach a point in the loan when you owe the bank more than the car is worth. Should you decide that you don't want the car, the car is stolen or wrecked, you will owe the bank a chunk of cash to satisfy the loan. Avoid this by putting down more.
2007-10-02 08:24:32 · answer #2 · answered by Jay P 7 · 0⤊ 0⤋