Question:
Like the down payment, about financing, stuff i need to know and it gonna be a used car.
Answers:
Can I buy a car using a credti card?
To give you an idea of the down payment, check the Blue Book value on the vehicle. What you want to look at is the Kelley Blue Book Wholesale Value. Take that figure and times it by 1.2 and you will have the maximum amount that the finace company or bank will finance. The rest will have to come from your down payment.
Here is an example using your figures. Let's say you get the Mustang that was $4990. With tax, license, doc, and smog you are roughly looking at $5550 total. If the Wholesale Blue Book is $3000, then $3000 x 1.2 = $3600. $3600 is the maximum that the finance company will loan you. The difference in this situation (the amount you are short) is $1900 and that is what you would have to have for the cash down payment.
at 17, you should be getting a car that is about 10 years old and paid for. Don't go new- you'll likely crash it and the insurance will be way to high.
Since I don't know the what kind of car or how much it is its hard to say but down payment will vary according to your (or your mom's credit) If credit is good you could chose not to put a down payment somethimes and that will lower the monthly payments, only thing I can say that is true is that if you get a sports car you will pay alot for insurance since you are 17
I am buying an 03 Dodge Stratus - has anyone owned one and how did you like it?
well you might have to make a down payment and make payments each month,try a finance company,instead of a bank,better yet why not just get a personal loan and pay cash for the car.you better have a job,because you will need it.More Questions & Answers ...
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