Financing a used car for about $20,000?
im looking to finance a USED car for about $20,000. Im 17 i will be having my mom co sign for me. But she does not have the best credit i think her credit score is under fair. But im looking to put at least $5,000 down for the down payment, with her credit being so bad does that mean higher interest rate? How much do you think monthly and what would be the total interest cost? PLEASE help me with these -Thank you im looking to buy a 2006-2007 civic si coupe
Public Comments
- Dude....don't get yourself in debt like that! If you must... Financing will run about $20-$25 per month, for each $1000 you borrow. And yes, having bad credit will cost you significantly.
- best i can tell you is to shop around..... try not to go with the dealer financing unless you have to and be sure to read over everything carefully so that they don't take advantage of you... most places can work with you on the amount per month - just varies on the length of the loan... good luck
- why don't you buy a car with $5,000 and save yourself from the hassle and investing the money you going to pay for installment each month in a CD, Bonds, Stocks, I promise it will pay you in the future, just image investing $100 each month, for 5 years, you might double your money... by the age your 30 you might be in a good financial status,... I think it is better than paying hell a lot of money for a car that its value will depreciate with two years
- $5,000 isn't going to cut it at your age. Plus the fact if you find a used car for that amount, it's a piece of junk(at least 15 years old) Use that money for college.
- Auto finance is what I do for a living and the only way this could work is through your mom's own bank because at 17 you are not legal age to enter into a binding contract. No major lender through a dealer will approve you being under 18-years old.
- I would advise you not to get in to this kind of debt either. I know having a nice car feels great, but having a reliable PAID OFF car feels even better. Cars are the largest things that we purchase that lose some much of their value quickly. I would encourage you to take that $5,000 you were going to use for a down payment and purchase a car. That way you don't have to worry about making payments. With the payments you were going to make on the car you can take those and save them in a Money Market account (where they will build interest). Then you will have money in about 3-5 years to purchase an even better car with cash. You can continue to do this. And having someone cosign for you is NOT recommended. If something happens where you can't make the payments they will come after your mother, and he credit will be ruined as well.
- get a nice used car for 5k. It'll get better gas mileage if it is not dragging a payment book behind it. You can take what would have been the payments in the bank. No payments= cash in the bank.
