Car payment??

Question

I’ve never bought my own car before, and I’m looking to buy one pretty soon. As of right now I have $5,000 saved up for it. I work full time making $10.50/hr, so I have a decent income. I found a car that I liked that is $9,500. I want to keep around $1,000 in savings after I buy it, just to have something for emergencies. But if I were to put $4,000 down on a $9,500 car, is that good? I’ve never done this before so I’m trying to decide on if I should wait longer. I really want the car ASAP. I just wanted to see what your opinions were!! Should I wait, or do you think this I’m in a good spot? Thank you!!

Answer

Just keep in mind that most places won’t give you a loan on a car less than $10k or over 10 years old. And look into getting your loan through a credit union instead of the dealership. When I got my car the interest rate the dealership offered was 13%. When I signed it over to my credit union, it went down to around 6%. Which still isn’t an excellent rate, but far better than 13% and pretty good for someone with zero credit history.

Answer

I think it’s good. The more you put down the lower your payments will be. I bought my car in June and the car itself was $14,500 (not including interest and processing fees.) I put $8,000 down and my payments are $169 ($159 before I added different coverages)

Answer

How much are you looking to pay a month? And it depends on your credit score. I have really good credit so I had less than 3 percent interest rate. My car was around 19,000 and my monthly payments were $265. That’s a great down payment for the amount you are looking to spend but there are several factors in figuring out payment. Length of loan and credit score are pretty important.

Car payment??

Let’s Glow

Glow is here for you on your path to pregnancy

25+ million

4.8 stars

20+

Getting Pregnant

Pregnancy

1st Year (Baby & You)

Baby Products