im 23 yrs old and I have bad credit but I was thinking; if I have 10k for a down payment on a 30k car will a sales person let me walk out the door with the 30k car? meaning that the other 20 k will be paid by me in payments probably over 4 years plus interest. Do you think its possible? I will be making around 25k a year and the job will be dependable.
Finance a 30k walk out the door car?
This is called %26quot;buying your credit%26quot;. If your credit is that bad, you might need 50-75%.
Go see the car dealer, DON%26#039;T tell him that you have bad credit. If he asks tell him that you don%26#039;t know. Tell him up front that you have the $10.
Finance a 30k walk out the door car?
You need to be on the job for some time, (usually a year) to get a new car. You should be able to get a decent used car in the mean time.
Come to think of it, you should be able to find a nice used car for that ten grand, if you have it, look at the private sellers, forget dealers, they suck you dry with interest rates.
Finance a 30k walk out the door car?
If your are making $25K annually, I%26#039;d guess you are probably bringing home about $1600-1700 monthly, after taxes.
Financing $20,000 over 4 years with bad credit is going to be expensive-probably a payment of at least $500 each month. The bank or finance will probably want you to extend the term of the loan and/or get a cheaper car. Banks usually don%26#039;t want borrowers to have a car payment that is more than 20% of their gross income, which in your case is about $400.
Additionally, remember you have to pay for insurance on this car; if you%26#039;re 23, you%26#039;re going to have higher insurance rates.
If you have $10,000 saved up, you%26#039;d be better served either buying a reliable used car, or using some of that cash to pay off outstanding debts (to help clean up your credit) and financing a cheaper car instead. Remember, a car is the worst investment you%26#039;ll ever make-it doesn%26#039;t appreciate.
Buy something more practical now, and you%26#039;ll be in better shape financially for it in the future-which will allow you to get that nice car later on with less doubt about making the payment.
Finance a 30k walk out the door car?
Auto finance is what I do for a living and the short answer is no.
If you finance $20,000.00 for 48-months with bad credit you are looking at a payment of over $600.00 a month and with your income you do not budget for that payment.
Even if you extend the term to 72-months your payment is still $492.00 which is still too high for your income.
To get to $400.00 a month for 48-months you need to be looking at a sales price of around $22,800.00.
No comments:
Post a Comment