Ok my problem,

No one in my family has really bought a new car and can really offer any advice on negotiating with a dealer, but anyway

found a 07 with 9k on the clock for about 25,000... now i have about 4,000 dollars to put down and my credit score is around 700..... anyway possible i can get this for about 300 dollars a month or am I living in fantasy land.

I am more looking for advice for a first time buyer, doing everything on his own, so i dont go jumping into anything right away.

Thanks everyone in advance.

 

assuming you put down 4k on a 25k car and then add 2k of taxes and crap at 6% your payment would be 540 a month for 48 months or 444 at 60.

sorry but you need more down to get that car at 300 a month.


you can borrow about 13k at 6% for 4 years and get a 300 buck payment.

 

You need to contact a bank or S & L and figure out how much you can borrow & at what rate. Shop for financing first....then go negociate the price of the car. This way you avoid all the BS at a dealer where they try to confuse you by talking payments instead of price.

 

see fantasy land

 

yeah...i don't see $300 a month with only a 4k down payment

 

Try this calculator: http://www.carmax.com/dyn/research/c....aspx?type=pay

 

Sorry I forgot to mention I would prefer to take a 72 month loan....

I'm pritty sure I'm going to be taking my down payment and booking flights to fantasy island, but I'm more in search of quality advise and the order to which go about financing....

Thanks everyone for your thoughts

 

You may be able to finance a new car for 72 months. A used car? I doubt it.

 

72 months is one LONG loan but i guess people do that just to have flexibility then pay it off sooner?

 

to take a 72 month payment on a new car much less a used one is a bad idea. You will either be upside down on it the whole time you own it or it will be worn out by the time you get it paid off.

I doubt you can get favorable rates on a 72 month loan on a used car if you can even find someone to do the loan.

save up some more

 

No. People do 72 months because they are trying to drive a car that they cannot buy outright. For me the idea of making payments on a car that is 6 years old is ridiculous.

 

You would probably be upside-down for 4 years.

 

I am a loan officer for Fifth Third Bank! Hit me up!

 

thanks for the words and putting some of the bad advice ive been getting to rest, mgmarsh i may contact u in a few weeks, but for right now i am bidding my time, saving up some money, and keeping my eyes open for a good deal.

thanks everyone
-brad