Hello,
I have multiform questions about purchasing my initial vehicle. I have been eyeing the kindly used 07 Ford Fusion which is around $16,000. I devise upon creation the down remuneration of $5,000. And I have the solid job. I was wondering, do I have to take out the loan to financial the car? Is this the usually approach which I can compensate for the superfluous volume of the automobile after my down payment? I will be shopping from the dealership, not the in isolation lot. Also, I’m the youth in college as well as I have tyro loans. Please assistance me since I severely need the automobile as well as I’m formulation upon purchasing in August. I will have to transport 8 hours from home as well as school. twice the year so it’s critical for me to get the arguable car. Please assistance me assimilate what will occur as distant as financing is concerned, since i have the down payment. I only need to know what have been the options for profitable the superfluous volume of the automobile after the down payment.
Thanks
{ 5 comments… read them below or add one }
The only way I know is to finance the 11K left over. Doubt the dealership will just let you pay them monthly as they have paid for the car and need their money back,
Do you have a checking account? Go to the bank or credit union where that account is, and ask about vehicle loans. If they can’t, they can give you advice pointing you in the right direction. Alternately, do you have a relative that might be willing to help with a low or no interest loan? To take delivery of the vehicle you will have to have either cash, financing in place, or you are at the mercy of the dealer finding financing for you, which may have high interest rates.
Financing would be your only option. If you’re worried about another loan to pay back, find a cheaper car with a smaller payment, or even one you could buy with the $5,000. You could find a nice car around three or four years old for that amount.
on $11,000 you will need a loan if you go to a dealership. unless you come up with the rest of the money.
yes you will need to finance the balance of around $11,000.00
you can use the dealership for financing-they use several banks depending on your credit score. also you can check with any credit unions for financing if your a member or join one. will have to have full coverage if you are borrowing money, of course you will want full coverage. also make sure since you are traveling and going to put miles on car. stay away from lease unless you plan on buying out lease. they will charge for over mileage..most leases are allowed 10,12,15 thousand miles per year. on financing 11,000.00 plus tax at 5 years should be around $220.00 to $235.00 per month. hope this helps. good luck.