I am thinking of buying an '05 Subaru Impreza Wrx STI next summer, and the most i will have is $10,000
2007-10-08 08:01:20 · 7 answers · asked by Da C 2 in Cars & Transportation ➔ Buying & Selling
I would say "put as much as you can without draining your savings". Putting all $10k down would definitely save you money on interest in the long run, but on the other hand it's wise to keep 2-3 months of living expenses in the bank in case of an emergency. You don't want to find yourself short on cash and having to use credit cards to make ends meet.
I'd suggest 20% down as a minimum, so $4-5k in this case. This combined with a reasonable loan (no longer than 5 years, less would be better) should prevent you from being upside down on your loan at any time.
2007-10-08 18:23:22 · answer #1 · answered by nevergonnaletyoudown 4 · 1⤊ 0⤋
The best thing would be to put the whole thing down but maybe you want to keep some in savings so at least put down 5 or 7. '05 STI- completely awesome choice by the way
2007-10-08 08:10:29 · answer #2 · answered by C&J 3 · 2⤊ 0⤋
As much as you can. The more you pay now, the less you have to pay interest on. $10,000 sounds good, but it depends on how certain you are that you will be able to make the remaining payments. Try to talk the dealer down as much as you can, and if possible, get the loan from a bank; you'll almost definitely get a lower rate.
2007-10-08 08:07:24 · answer #3 · answered by Chris_Knows 5 · 2⤊ 0⤋
The general rule that I've heard is 20%. You might be able to go lower if certain criteria is met. If you go to the link on my source and do some searching there is an article on your question. I believe that $10,000 is enough but I may be wrong. Good luck! By the way I love that car, good choice.
2007-10-08 13:27:25 · answer #4 · answered by s0ccerkid04 3 · 1⤊ 0⤋
Generally you'll want to put 10-20% down. If you can put down more than that you'll lower your payments in the long run. Just remeber to save out some of that money for sales tax, title fees and licensing.
2007-10-08 08:05:51 · answer #5 · answered by soaplakegirl 6 · 2⤊ 0⤋
I would not put down my whole savings, but at least 8 grand. That way you are not financing as much and will save on interest and help get a better loan.
2007-10-08 08:10:04 · answer #6 · answered by Anonymous · 2⤊ 0⤋
PUT THE WHOLE $10,000 DOWN IF YOU CAN.
IF NOT PUT AT LEAST $5000.00 DOWN.
LOWER MONTHLY PAYMENTS.
2007-10-08 08:06:16 · answer #7 · answered by Anonymous · 2⤊ 1⤋