Down Payment Problem Solved

[rolnslo]

Originally Posted by Txturbo

Best thing you can do if you aren't going to pay cash is get a loan approval before hand through your bank or credit union. That way you have a lot more control. Less likely you will get raped. last new vehicle I purchased back in 2002 I used the Capital One Blank Check program. I applied online, was approved for a maximum amount, they mailed me a blank check, I found the best cash deal and simply filled in the amount I needed to finance and signed the check.

I've used Capital One and E-Loan for my last 3 vehicle purchases. Easy online approval, painless, and you know what your maximum monthly payment will be before you set foot in the dealership. No downpayment required.

It is effectively the same as walking in and paying cash to the dealer. Not to mention, you don't have to play the financing part of the game during price negotiations. I let the last dealer I bought from try to match the rate from E-Loan and they could only get me .01% better. It was much more fun watching them suffer trying to find me a better deal than having me suffer while they typically try to find me "their" best deal.

[Mr Twisty]

Originally Posted by Txturbo

Best thing you can do if you aren't going to pay cash is get a loan approval before hand through your bank or credit union. That way you have a lot more control. Less likely you will get raped. last new vehicle I purchased back in 2002 I used the Capital One Blank Check program. I applied online, was approved for a maximum amount, they mailed me a blank check, I found the best cash deal and simply filled in the amount I needed to finance and signed the check.

Right on! Or get a loan pre-approval thru your credit union. Tell the salesman it's a cash deal, no trade (even if you do plan on trading) And get the best cash out the door price you can. Pull out your trade then, and know what it's wholesale value is, because that's most likely all you're going to get for it. If he tries to renegotiate your cash deal, walk out the door. Personally, I never do trades with a dealer, because NONE of them will sell you their car low, and buy your car high.

[Txturbo]

Best experience I ever had buying a vehicle. The salesman knows you are going to buy, no chance of not getting the loan. It was a pleasure to watch the salesman and sales manager falling all over themselves to keep me from walking out and buying somewhere else.They even bought my family dinner at any restaurant in Houston of my choosing, gave me 3 free oil changes, and two full tanks of gas on top of the exact deal I wanted.

[Sierra]

Originally Posted by Tantalizer43

Oh yeah, I made that mistake in 2002 when I shopped for a monthly payment, Trust me, I'm not gonna get screwed again, I was just saying...

Shopping for a monthly payment is the worst. I always negotiate the purchase price first.

[bsmithinc]

I plan on putting down anywhere from $7000 to $10000. This will be my first "new" car purchase. I'm still a student, but I'm living at home (partly to pay for my camaro .) This thread has been great!

However, I still don't know a whole lot about financing. I don't plan on meeting with a dealer until I have done all my research. I know I have great credit, but am not sure where or how to go about receiving a loan? Any suggestions?

[JiXeR'z DoDgE/FoRd KiLLeR]

I'm a assistant manager making around 2000 a month. Still live with mom and we slit the mortgage at home. After taxes come and I'm also selling my air jordan collection which is worth about 7,500!!! So I'll be dropping around 23-25000 on my SS!!! Which won't leave too much to finance!!! Pray for me my FELLOW CAMRO5 MEMBERS!!!!! I hope everyone is able to purchase/finance their CaMaRo!

[srtclg1007]

Originally Posted by Nexus6

Gap insurance ,GET IT

ESPECIALLY if you are putting little or nothing down....

[lalometalik]

Originally Posted by Maddog78

When I sell my 911 this fall, I'll have enough to pay cash.

luuuucky

i will be putting down 20% of my loan no matter what(im estimating $30k loan, $6000 down). It will be more than this, if needed.
But Im aiming to put down as much more as possible!
cant wait!

[rlg3]

Originally Posted by Congoman775

do you get a break on gas if you work at a gas station?


... just spit ballin...

no!

[Sterling]

Originally Posted by Nexus6

Gap insurance ,GET IT

If you have a big down payment, Gap Insurance is a waste.
It basically covers you for the difference between what your car is worth after you drive it off the lot and what you owe on it.

It is a good idea if you put little to nothing down and pay sticker for the car or if you are upside down on a trade-in. Then I would highly advise it.

[swazworth]

Originally Posted by sterlingnotes

If you have a big down payment, Gap Insurance is a waste.
It basically covers you for the difference between what your car is worth after you drive it off the lot and what you owe on it.

It is a good idea if you put little to nothing down and pay sticker for the car or if you are upside down on a trade-in. Then I would highly advise it.

remember you don't have to get it from the dealer. most insurance companies have it also. this way you can drop it when you are no longer upside down on the car. saving you a couple of bucks a month.

[Sierra]

Well by the time my severence kicks in i plan on having my truck paid off. I just purchased it off lease.

[patriotpa]

I plan on AT LEAST 10K down for my silver SS. No trade. I'm also waiting a bit until the dealers stop gouging on the SS. This car will be a keeper for me, so the wait is not that big of a deal.

One suggestion to all: BUY A RADAR DETECTOR AND USE IT! These things are gonna be cop magnets!