superstuddc27

iTrader: (1)

Im looking into purchasing a car. Well, i have two options right now.
One scenario: At the end of September (im saying end, because even if i decide to buy a car now, it's gonna take some research and looking around etc.) I purchase a car. By this time i will have probably 5k for a downpay? Im looking into a used 350z base for around 21.5 -22k which i see often for that price. So, if i decide to purchase now, it'll be the 21.5k - 5k = $16,500 that i need to get a loan for. Which comes to about..... $320/month using CapitalOne's auto rate calculator thing. Question is: Do i have to factor in tax and everything and THEN get the loan? For example, i live in CA where the tax rate is 8.25%... so if i get a 21.k car, i would have to add the tax which will make it = 23,200 and i subtract downpay which will FINALLY give me 18,200? Or when i apply for the loan, does the bank ask for all the information like how much im going to downpay and the tax and do they calculate everything for me and then finally give me a "perfect" amount loan?

Two scenario: I wait till whenever my damn insurance company gives us money for our totaled car. When this comes (God knows when) I will have 10k for a downpay, cutting my month payment by about $100 so about $230/month. (That's if i get the same car and everything).

So overall question is, i know that scenario two would save me money because the downpay will cut down the loan amount which will then be better because of the interest rates. However, will it make that much of a difference?? I need a car soon, and i'm not sure the insurance co is gonna give me the money anything soon..... So.. that's it. Two questions Thanks for the help.

shopdog

You owe the dealer the drive out price. That includes tax, title fees, etc. So unless you want to pay those out of pocket, they need to be figured into the loan amount. Waiting and making a bigger downpayment *will* save you money. Taking out a shorter term loan will too. But interest rates are low right now, so it isn't as pressing as it was when interest rates were in double digits.

Poison123

iTrader: (2)

Save the money, don't put any down and mod the car with the money.,

tacomaboy

www.myfico.com

You may want to do a credit check on yourself. If this is your first car, its doubtful you will get the rate Capital One quoted. And figure 5-10$ for every one point interest rate.... chances are good you could be seeing up to 15%, maybe more. That can cost youfrom 50 to 100 bucks more a month.

Also, dont forget TT and L, which would be about 1200 or so on a car in that price range.

Buying a car is a PITA, I am hoping on getting my new Z in a month. First, I am selling my old car instead of trading it in. That way I get 1000 cash for a down payment, and I dont have to haggle selling price with the dealer.

Also, I have just paid off 90% of my credit cards, so I am waiting for my credit rating to improve and get a better rate.

Then, I plan on going to my credit union for a loan, so I don't have to play trhe financing game with the dealer, and I can go in with check in hand to buy the car.

So basically on the day I am ready, I plan on printing up the edmunds TMV report, locating which dealers have the car I want, driving there and saying "I am ready to buy this car right now if you sell it for this price". If they say no, move on the the next dealer.

Not having to worry about trade in or financing gives me the upper hand here... I dont trust dealerships at all, hehe.

Nforce1

iTrader: (2)

I would wait for the money from the tottaled car.... saving an extra $100/month is going to save you in so many ways! (unexpected bills... etc, plus even if you dont have any of those, save the $100/month for new goodies for the car)

superstuddc27

iTrader: (1)

thanks for the advice. looks like im going to be going that way.



nforce1.... that is one sweet house. trade me?!
heheh

gunbbang121

lol wherever nforce leaves a comment... it seems like your house is always praised by others.

by the way... that house is awesome