Is $1000 enough for a down payment on a new car?
Hey everyone, I'm looking to buy a 2012 Hyundai Elantra Limited and I was wondering if $1000 is enough for a down payment. My credit score is currently a 718 and I just paid off my credit card bills so that should raise my credit score even higher. If not $1000, what should I put down??
Is $1000 enough for a down payment on a car?
No. Unless you have great credit, regardless. You have to pay taxes, fees, tag and title...etc. More realistically you are looking at $3k down not including whatever you have to pay extra. Look now that you say your employer is giving you a deal, than the financials are up to you and him, in reality he knows how much you make and what you need to pay up front, and monthly.
Is $1,000 a good car down payment?
I'm 18 and I have $1.500 saved and I wanted to buy a car that cost $5,000. I got a credit card 6 months ago and I been doing my payments so I guess I have some credit history. I have a full time job too. I need a car to get to work and school too
Is $1000 enough of a down payment for a used car?
If you’re talking about how much should you pay in cash vs. how much you finance, it will depend on the price of the car, your creditworthiness, and how big you want the payments to be.If you’re referring to how much to give the dealer to begin the purchase process, you don’t need to put down more than $100 - $200 ON A CREDIT CARD. If the deal goes bad somewhere down the line, you can say forget it - give me a credit on the charge. If the dealer wants to be a horse’s ass, just call your credit card company and say you want the charge voided. They will deduct that money from the dealer’s charge receipts next month. Decide how much of the total you wish to pay in cash [see above], have the salesperson write that on the purchase agreement, and tell them you will bring cash at delivery.
Is 1000 dollars a good down payment for a car that is 20,000?
you should shoot for 10% as the down payment at the least so 2k if you borrow to much you have to pay more in the end and who wants that? plus youll own the car 100% sooner. deffenently need atleast 10% down, but if you can do more do so. if you cant afford to put 10% down (no offense) you prolly cant actually afford the car (even though the dealer may make it look like you can) hope this helps
What car can I get with 600 to 1000$ down payment.?
Of course at only 16, you can't get a car loan, regardless of how much down payment you might have. However, assuming someone (a parent) buys the car for you, you might get a car in the $5000-$7500 price range with a $1000 down payment. However...........most banks don't do such small car loans. Cars in the $5000-$7500 price range are too old and have too many miles, which makes them too much of a risk for the bank. By the time the loan would be paid off, the car would be junk. Therefore, your best bet for buying a car is to save your money to pay cash, or borrow from family or friends.
Is $1000 a good downpayment for an $8000 car loan?
I sell cars in Michigan for a large dealer, so hope I can help. When trying to finance bad credit, usually a lower priced car like $6500 or $8000 does not work. The reason it don't work is because if you find a bank that is willing to loan you money, they are going to have a mileage and year criteria. Meaning, they will probably want to see you in something no older than a 2003 and probably under 60,000 miles. Which usually means your talking about a $11,000 car and up unless you find a real steal. The reason for the mileage and year criteria is they want a vehicle that has good mileage and a decent year because if they ever do have to repo the car, they still need it to have somewhat of a value to re-coop some of their loss. Also, the more you can afford to put down, the better. This shows the bank you have the willingness to participate in helping you re-establish your credit. Chances are you are going to have to pay a high interest rate though. Here is one thing that can help you make sure you don't get screwed too bad. First off, make sure the car has a price in the window, so they can't make up a price to get extra gross profit. Also, If they approve you, ask to see the "Buy Rate" or "Contract Rate" what this means is, this is the rate the bank approved you for. If the buy rate is 10%, that is what the bank approved you for. Now, In Michigan, the dealer can add up to 3 points, or 3% to that rate, and it is legal. So, anything over 10%, the bank pays that extra money right to the dealer, and becomes extra profit. If you are bad credit, chances are the dealer will try to screw you as hard as possible. Make sure you only pay the buy rate and NOTHING more! Also, don't let them talk you into a bunch of extra crap you don't need! Whatever their sticker price is, try offering $1200 - $1500 less, if they don;t accept, WALK AWAY! They will use every excuse in the book to try and rip you off, just don't allow it to happen. I am not sure where in Michigan you are at, but I would be more than willing to help you and show you the buy rate. Hope some of this helped :)
How much should I put down on a down payment to lease a 30,000 car?
$0 Dollars is what you should put down to lease a car. Don’t be fooled. If your credit score is greater than 740 (FICO 8 Scale), they will believe whatever data you provide on the credit application regarding calculations of your Debt to Income Ratio. Leasing costs are based upon how the leasing company calculates the money factor (rather than interest rate per se). If you are smart enough to go to the largest dealership for the vehicle that interests you, the dealership has a lot of “funny money deal incentive discounts” the buyer never knows about that can be applied to capture you as a customer. When leasing, you pay the taxes, and use of the vehicle, as you go. Assuming you go for a 15000 Mile/Year 3 Year Lease, they will calculate a residual value, apply the money factor to “finance” the part of the car that you use. Under these circumstances, at least for good deals 4th Q 2017 at Ford, it would have cost roughly $30/Month (not including taxes) to finance $1000 in value. So, for $30/month plus taxes, you forgo $1000 USD of down payment. Why do you need to invest in something that loses value? My wife said I should open up a vehicle buying/leasing service for single women, as I use the above method all the time to the amazement of my friends, who always thought they HAD to put money down to lease. Nonsense.
Want to buy a car with down payment of 1000....but bad credit!! :(?
You should easily be able to get financed since you have a 20% down payment. Just expect to pay a far higher interest rate than someone with good credit, which means your payments will be higher. But make every payment on time, and after a year, request an interest review. Most likely it will be granted as long as you don't accrue any more bad credit in the meantime.