Quote:
Originally Posted by Mr_Draco
You're pretty much screwed. $3k isn't enough for a down payment, try around $8k. Reason is once you sign the papers you will be upside down which is a bad thing as you now realize with your Camry.
Now for the Camry, rule of thumb when dealing with trade-ins, the dealer will only offer you around 70% of the cars value. With the used car market in the shape it is in, expect this to be lower, around 60-65%. So expect the dealer to offer you around $10k for your Camry at best so you will have the other $10k taken care of somewhere, either your down payment or loan (I highly advise do not add this to your loan. It is just more interest you will be paying).
Unfortunately in your predicament you simply can not afford this car if $3k is all you can put down.
|
+1
the dealership will probably give you $10k-13k for your Camry, if it is clean.