I'm confused about car pricing (I'm 17 and aiming at getting my driving license) What are these and which do you have to pay?:
Monthly Payments
Deposit
Credit
2007-12-04 03:26:53 · 10 answers · asked by Anonymous in Entertainment & Music ➔ Polls & Surveys
I've got a part time job earning £800 a month
2007-12-04 03:31:05 · update #1
When you look at a car, there will be an asking price. You can offer less than that and see if it will be accepted. If you are going to finance the car, there will be a credit check to see if you are trustworthy enough to make timely payments every month. You may have to put a deposit down (my dad always said you have to have tax, license, and title, at least!). Your monthly payments will be based on the interest rate and how many months you finance, and of course the amount borrowed. You can look up the car values at kbb.com, and find an amortization schedule to tell you what the payments would be.
2007-12-04 03:33:21 · answer #1 · answered by Flatpaw 7 · 0⤊ 0⤋
Monthly payments are what you pay for your car every month if you don't pay for it in full..it depends where you get your car but it might be one, two, three years every month that you pay whichever amount. A deposit is what would be required if you have bad credit, which at 17 you probably would not have. If you're 17, good luck trying to buy a brand new car..it's not only difficult but very expensive and it f's your insurance right in the rear.
2007-12-04 03:32:12 · answer #2 · answered by Anonymous · 1⤊ 0⤋
If you don't know what these are then you shouldn't be driving. Or trying to purchase a car. You need credit to get the bank or loan company to finance the car. Deposit is what you need to put down on the car as in MONEY, And monthly payments is what you have to pay every single month in order to NOT get the REPOED.
2007-12-04 03:32:55 · answer #3 · answered by GRUMPY 7 · 0⤊ 1⤋
you have to pay a deposit, then you go through the dealers credit company to finance the purchase which then becomes a loan with some outrageous interest rate, they then break it up to 3, 5, or 7 year loans depending on your credit. After that you have to make monthly payments on the car which sucks!
2007-12-04 03:31:20 · answer #4 · answered by loving life!!!!! 6 · 0⤊ 0⤋
monthly payments: how much you pay each month for the loan
Deposit: money you put down against the total cost
credit:the bank/loan company lending you the money to pay for this
you have to pay the first one for sure,the 2nd a down payment isnt always needed but helps
no monthly payments here,both cars are paid off,didnt make a down payment since i had a trade in and i have a excellent credit score,always helps to keep the interest down
2007-12-04 03:31:33 · answer #5 · answered by charmel5496 6 · 0⤊ 0⤋
If you are not paying cash then you'll have to pay by credit on monthly payments,some outlets offer no deposit but most require one so you could end up paying all of the above.
2007-12-04 03:31:46 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You have to pay the first two to keep the third from going bad.
2007-12-04 03:32:10 · answer #7 · answered by Anonymous · 1⤊ 0⤋
if you really have to ask those questions at 17, you dont need a car
2007-12-04 03:29:40 · answer #8 · answered by PoPtArT 4 · 0⤊ 3⤋
well now, i can see my tax money is not being spent on the schools.
2007-12-04 03:31:42 · answer #9 · answered by EnRhage 7 · 0⤊ 1⤋
Sorry, but my parents paid for mine.
2007-12-04 03:30:00 · answer #10 · answered by Anonymous · 1⤊ 1⤋