Financing Information?

[DopeStar]

Never bought a new car or ever financed one and was wondering how would I be able to find out what the down payment would be and what monthly installments would be? Anyone know how I can do that without pissing off a salesman or buying anything yet? I would just like to know what to expect when I do and what I'd need to make to comfortably afford my 2SS/RS I've been dreaming of.....

[Shortbus]

http://www.bankrate.com/calculators/...alculator.aspx

[SSmoke]

there are several auto loan calculators available online...here's a link to one:

http://www.bankrate.com/calculators/...alculator.aspx

all you have to do is enter the total financed, down payment and interest rate and it will calculate your payment. For interest rate info (if you haven't applied for a loan yet) get the average rate from any bank on what they offer for new car loans (assuming good credit) and go from there.

[OverAnxious]

Head to your local dealer, any GOOD salesman would have no problem helping you out

[DopeStar]

Originally Posted by OverAnxious

Head to your local dealer, any GOOD salesman would have no problem helping you out

That would be ideal. As far as I know my credit should be good. I've had a credit card since I was 18 and I've never been late with a payment or paid less than minimum balance. Most of the time I pay off every month with a few exceptions. Had my share of getting in over my head a couple times but payments were always made and never below minumum.....

[Vash]

Go check out the subforum for ordering and finance etc. Tons of info.

[Bentley78]

How old are you? Dont know how strong your credit will be if you have never made an expensive purchase such as a car and equally making all payments on time. Its simple math....

Think of a price you arent willing to pay over, SS/RS will prob cost you 36-37k after taxes.

Add finance, good score right now is anywhere from 4.7-5.5%

Minus how much cash you are willing to put down.

Divide your sum by 5 then divide that sum by 12 for your monthly payment.

[2Muchmark]

Originally Posted by DopeStar

That would be ideal. As far as I know my credit should be good. I've had a credit card since I was 18 and I've never been late with a payment or paid less than minimum balance. Most of the time I pay off every month with a few exceptions. Had my share of getting in over my head a couple times but payments were always made and never below minumum.....

Your salesman will be able to help you.

If you have been late on credit card payments in the past, it doesn't mean that they won't sell you the car. What it may mean is that they may sell you the car at a higher interest rate. Why? Because you're a higher risk, or, you may have trouble getting credit elsewhere, and they know it.


Do this:
- Find out if the dealer will first finance the SALE of the car you want, or the LEASE of the car. Get all your numbers for both options.

- Next, take all of it to your bank and see if they can make you a better offer. If your credit is good AND you can afford the car (Have a low debt ratio), you should be good.

In both cases, a deposit will probably be necessary.

Have fun!

[Vash]

Hum.. go back to option A. Go to the Price and order subform and read.

Your salesman should do one thing. Sale you the car. Have financing taken care of before you walk in the door.

Going to a dealer without pulling your 3+ FICO is not a good idea.

Getting that score, cleaning up errors, saving some down money. Getting pre approved. That's how you roll.

[Leatherette]

Originally Posted by DopeStar

Never bought a new car or ever financed one and was wondering how would I be able to find out what the down payment would be and what monthly installments would be? Anyone know how I can do that without pissing off a salesman or buying anything yet? I would just like to know what to expect when I do and what I'd need to make to comfortably afford my 2SS/RS I've been dreaming of.....

I think you should just go in and tell them you have not managed your money well and that your assets have been diminishing over the past few years and ask for a bailout. They'd understand.

[Douge]

I know this is a crazy idea, but how about contacting or going to your bank.

[DopeStar]

Originally Posted by Bentley78

How old are you? Dont know how strong your credit will be if you have never made an expensive purchase such as a car and equally making all payments on time. Its simple math....

Think of a price you arent willing to pay over, SS/RS will prob cost you 36-37k after taxes.

Add finance, good score right now is anywhere from 4.7-5.5%

Minus how much cash you are willing to put down.

Divide your sum by 5 then divide that sum by 12 for your monthly payment.

I'm 23.

[Chevyrocker]

This is a topic I've attempted to tackle a few times here. Being in the business, I do know a thing or two about how this goes and even though it may seem like I'm being negative, I'm really just trying to help you so you don't give your hopes up.

The chances of getting financed on a $35,000 car are slim to none if you have not financed a vehicle before. Even if you have a good credit score (670+), you don't have any experience with "high credit". Banks will not loan that much money to people who have never handled a $10,000 - $20,000 loan before. Typically, a first time buyer program requires a few things; job stability (2 years + at the same place), home stability (2 years + again), substantial provable income ($2,000/month minimum), and a down payment (all taxes, tag, and fees + a grand or two). Even if you meet all this criteria, the bank is going to want you in a car like an Aveo or Cobalt or something cheap. Not a $35,000+ sports car.

A good rule of thumb to estimate you payments is $100/month for every $5,000 financed. Therefore $30,000 financed would run you about $600 a month give or take a few bucks.

To be brutally honest, without like $15,000 down or a co-signer, you probably will not be able to get a loan unless you go through your own personal bank/credit union. I've seen people get declined that have 750 beacon scores because it was there first car and they only had one piece of credit that was only a $1,000 credit card. It's not that you won't make good on your loan or anything, they just don't throw that kind of money at people that have not proven their responsibilities with big advances.

[themossman]

Originally Posted by DopeStar

That would be ideal. As far as I know my credit should be good. I've had a credit card since I was 18 and I've never been late with a payment or paid less than minimum balance. Most of the time I pay off every month with a few exceptions. Had my share of getting in over my head a couple times but payments were always made and never below minumum.....

There's NO need to go to the dealer to get financed...the banks are the ones that loan the money...not the dealers. Go to the banks...research online...cut out the middle man. Walk into the dealer with a check in hand...that's the only way to ensure that you're going to get the best deal on financing.