Question About Car Down Payments

Are you contributing anything towards retirement? If so what and how much? You’re telling us you have credit card debt on top of student loans? What other debt do you have? How much debt total? How much liquid savings do you have? What’s your career? Pay? Pay potential?

In all honesty I would keep driving your current car and take a crash course on personal finance. After that if you still want to buy a brand new car by all means go for it.
 
Brother Numsi said:
I wasn't talking about a Tacoma. My co worker has a Tundra and pays almost 700 a month
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You're gonna be looking at roughly 400 bucks for every 20 grand you finance , so if you want anything new with nothing down ( you said Accord or Tacoma .....right ) you're looking at $500 minimum and most likely more I'd guess. Just rough off #s the top of my head btw
 
TardStrong said:
Do not buy brand new, buy slightly used. Let someone some else eat the instant depriciation.

Accord 4 cylinder or 6 cylinder?

The new camry v6 has 300+hp and 32mpg hwy. You probably can get one uses now also. toyotas are pretty damn good vehicles I have a camry and a Tacoma but have also owned 3 Hondas

The accord is still a great car. It is a big car for a 4 cylinder but now the 4 cylinder motors have enough hp.

The new gen Tacomas 2016 and newer are nice. I have a 2015 the gen before. The 2016 has more power and better gas mileage. Just the automatic transmission get a lot of complaints. They are not the smoothest shifting and often have a hard time choosing what gear to be in
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I was looking at some Camrys, too. As far as Accord's go, it would most likely be a 4 cylinder.

Big fan of Toyota's. Super reliable and affordable. Never was a big truck guy ( I got caught up in the Escalade hype back in the day) but a Tacoma would be a nice choice depending on the monthly payments
 
Al Gorithm said:
You're gonna be looking at roughly 400 bucks for every 20 grand you finance , so if you want anything new with nothing down ( you said Accord or Tacoma .....right ) you're looking at $500 minimum and most likely more I'd guess. Just rough off #s the top of my head btw
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That's what my guy told me about his new Accord. I think he's paying a little over 400 a month. That's why I was suggesting a down payment to bring down my monthly to about 350 or so
 
Financing a vehicle is for dummies. It’s not worth the stress and that money can go towards better things. Even broke people that have no choice but to finance, I always tell them to get a reliable old car and don’t finance no more then 5k.
 
boingyman said:
Are you contributing anything towards retirement? If so what and how much? You’re telling us you have credit card debt on top of student loans? What other debt do you have? How much debt total? How much liquid savings do you have? What’s your career? Pay? Pay potential?

In all honesty I would keep driving your current car and take a crash course on personal finance. After that if you still want to buy a brand new car by all means go for it.
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My credit card "debt" isn't really an issue. I haven't used my credit cards in months and have very little to go paying them off. I've been paying my student loans for over a year now and have never been late on a payment. I don't have any kids so no child support or no medical bills and I've got money saved up. You think I'd be thinking about buying a new car if I didn't have a handle on my finances? I'm not trying to buy a new Range Rover guy
 
Lustercross said:
Financing a vehicle is for dummies. It’s not worth the stress and that money can go towards better things. Even broke people that have no choice but to finance, I always tell them to get a reliable old car and don’t finance no more then 5k.
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How you living right now rich fella? Just curious
 
Brother Numsi said:
How you living right now rich fella? Just curious
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I live debt free and do whatever I want lol. I have a 2008 f150 that I bought straight cash and I own my house. My home isn’t impressive btw lol. I make enough money to where I could finance an expensive car and an expensive house but that stress just isn’t worth it to me. I have friends that make the same money I do but have better things and it doesn’t seem to be worth it. They are really fat and drink a lot lol
 
Lustercross said:
I live debt free and do whatever I want lol. I have a 2008 f150 that I bought straight cash and I own my house. My home isn’t impressive btw lol. I make enough money to where I could finance an expensive car and an expensive house but that stress just isn’t worth it to me. I have friends that make the same money I do but have better things and it doesn’t seem to be worth it. They are really fat and drink a lot lol
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Good for you man. I'm not trying to finance an expensive car either just a better one within my budget. I don't even like having credit cards but just guns or condoms, I'd rather have them and not need them then need them and not have them. lol

I'm not trying to ride in the cleanest whip on the block either. But I do want something nice but modest. Not trying to impress anyone
 
Do not buy new. It makes no sense. You lose 15 % driving out the yard


Buy a short miler with documented history and warranty.
 
Al Gorithm said:
You're gonna be looking at roughly 400 bucks for every 20 grand you finance , so if you want anything new with nothing down ( you said Accord or Tacoma .....right ) you're looking at $500 minimum and most likely more I'd guess. Just rough off #s the top of my head btw
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sounds a little high for a 20k financing
 
90 50 said:
Make as little down payment as possible that they will allow.

Take the rest you have saved up and put it straight to principle on the first payment. Does more damage that way.

Also if you can, don’t pay on it once a month, pay 1/2 your note every two weeks you will get ahead of the interest and pay it off faster and cheaper.
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This is really good advice. Thanks.

Im gonna start paying my car payment bi-weekly.
 
TardStrong said:
Can you explain the down payment part there? I am lost on why that is a good idea...

The more you borrow the more interest you are gonna pay so putting a larger down payment might only lower you payment a small amount but every dollar counts. Also over the lifetime of your loan you will pay less interest, might but be a whole lot less but it will be less

Holding the money back then throwing it at the principal won't lower your monthly payment

The last part of your advice is a good idea
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It won’t lower his monthly note, I should have been more clear.

But the amount thrown straight to principle does more damage on the total number of months you have to pay out, knocking interest out and overall paying less total for the course of the loan.
 
I find it mostly the same difference but I’m an absolute cuckold when it comes to cars

For example
I chucked 4 grand down on a car as a deposit, made the payments a fair bit smaller but when I get rid of it a year later I pretty much managed to get that 4 grand back to use on the next one
I think the type of car makes a big difference
If your buying brand new you taking it up the arse regardless because of the depreciation

My only advice and I’m terrible is try and get the best spec you can and a decent colour
It will help sell on later

And also really push sales men
The car I’m in now they tried selling me when they learned I was in the market for something bigger (two push buggy’s now)
He came back about 6 grand over my budget in total value, I laughed and said what I want to pay a month
And they came back with the monthly I wanted
(They tweaked the final payment)
 
Brother Numsi said:
Toyota Tacoma
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I got a Tacoma in November - 2018 but it was a demo and had some KMs on it but got a few thousand knocked off and still got the same warranty, oil change deal, etc . . (winter tires, tonnu cover thrown in) but I had two different dealerships vying for my business so I was able to get a decent price.

Tacoma was a good investment because

A. Toyotas are reliable

B. Not a big huge engine so decent on gas

C. Enough power and size to handle most of my winter driving conditions.
 
Lustercross said:
Financing a vehicle is for dummies. It’s not worth the stress and that money can go towards better things. Even broke people that have no choice but to finance, I always tell them to get a reliable old car and don’t finance no more then 5k.
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Than*
 
Why the lease hate?

I have leased before and it works out really well.

A couple benefits

1. Never deal with major (expensive) problems like transmission, timing chains, brakes, or anything beyond oil changed really

2. Peace of mind knowing that my woman will never be stranded in a mall parking lot with a dead battery or on the side of the road with a busted trans.

3. It’s like a long term rental and I don’t really care about the car

4. Cars with high resale value have a high residual value which means in some cases a lease can be really cheap on a great car because I’m paying difference between the lease price and the residual value
 
It's all about the interest rate, so they will work hard not to tell it to you. I'm mean bare faced lies like telling you it doesn't matter and youd know that if you knew much about buying cars.

Find an online interest rate calculator so you can see what rate you are actually paying.

Be sure to add in any monthly fees on the loan, like a $20 per month service fee on $20k loan over 48 months increases the cost of the car by 5%.


As to choice of car, I swear by 3 year old Japanese cars.
 
I personally didn't put anything down on mine, but that's because I wasn't in a financial position to do so I guess.

Like your friend says, your monthly payments won't be drastically lower (unless you pump 50 percent into the down payments).
 
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