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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
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Those of you who purchased a new car
what percentage of the purchase price did you put down and how many years did you/are you financing?
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Posted 3/16/08 10:32 AM  |
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MissJones
I need a nap!
Member since 5/05 22136 total posts
Name:
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Re: Those of you who purchased a new car
We put down $5000 and have a 5 year loan.
Should we ever buy a new car again, we will not put down that much. Rather have the money in the bank.
Oh well, you learn. But at least the value of the car is more than our loan.
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| Posted 3/16/08 10:41 AM |
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dpli
Daylight savings :)
Member since 5/05 13973 total posts
Name:
D
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Re: Those of you who purchased a new car
Saved up and paid cash for it.
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| Posted 3/16/08 10:45 AM |
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ml110
LIF Adult
Member since 1/06 5435 total posts
Name:
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Re: Those of you who purchased a new car
my car was about $25 K... we put i think $7 K down... and have a 5 year loan, which i'm hoping to pay off early. payments ended up being about $440 a month.
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| Posted 3/16/08 10:45 AM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Those of you who purchased a new car
Posted by MissJones
We put down $5000 and have a 5 year loan.
Should we ever buy a new car again, we will not put down that much. Rather have the money in the bank.
Oh well, you learn. But at least the value of the car is more than our loan.
mind if I ask why you would never put that much down again? the reason I ask is b/c, if you have the money in savings and can spare it, why pay all that extra money in interest to the lender?
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| Posted 3/16/08 10:47 AM |
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MissJones
I need a nap!
Member since 5/05 22136 total posts
Name:
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Re: Those of you who purchased a new car
Posted by SweetestOfPeas
Posted by MissJones
We put down $5000 and have a 5 year loan.
Should we ever buy a new car again, we will not put down that much. Rather have the money in the bank.
Oh well, you learn. But at least the value of the car is more than our loan.
mind if I ask why you would never put that much down again? the reason I ask is b/c, if you have the money in savings and can spare it, why pay all that extra money in interest to the lender?
Good question...first of all, we don't have intentions of buying another new car again for awhile, so the next car we purchase, we don't intent to have a loan that is astronomical in value. Thefore, the interest shouldn't be horrendous.
Second, I'd def. put money down, don't get me wrong, just not that much again. I'd put down 2500 instead.
I guess it's a matter of being comfortable. I'd rather have the money be in my account then lost to a car. It's my own little tweak, I guess.
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| Posted 3/16/08 10:53 AM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Those of you who purchased a new car
Posted by MissJones
Posted by SweetestOfPeas
Posted by MissJones
We put down $5000 and have a 5 year loan.
Should we ever buy a new car again, we will not put down that much. Rather have the money in the bank.
Oh well, you learn. But at least the value of the car is more than our loan.
mind if I ask why you would never put that much down again? the reason I ask is b/c, if you have the money in savings and can spare it, why pay all that extra money in interest to the lender?
Good question...first of all, we don't have intentions of buying another new car again for awhile, so the next car we purchase, we don't intent to have a loan that is astronomical in value. Thefore, the interest shouldn't be horrendous.
Second, I'd def. put money down, don't get me wrong, just not that much again. I'd put down 2500 instead.
I guess it's a matter of being comfortable. I'd rather have the money be in my account then lost to a car. It's my own little tweak, I guess.
I see what you're saying. the last car I bought was with $7K down and a 4 yr loan. I really liked paying it off in 4 yrs and I'm actually thinking about a 3 yr loan for my next car, and putting even more $ down.
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| Posted 3/16/08 10:57 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Those of you who purchased a new car
how about just paying cash for it? Eliminate the loan altogether..make a great deal with all cash and own it outright from the beginning.
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| Posted 3/16/08 11:07 AM |
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Lucky09
2017!
Member since 1/06 7537 total posts
Name:
DW
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Re: Those of you who purchased a new car
I put down $9,000 and had a 5 year loan so the monthly payments and total interest paid would be low.
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| Posted 3/16/08 11:12 AM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Those of you who purchased a new car
i bought mine outright, I'm not getting any great interest on my savings right now anyway & its a great to negotiate the price. Plus I HATE car payments.
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| Posted 3/16/08 11:12 AM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Those of you who purchased a new car
Posted by Blu-ize
how about just paying cash for it? Eliminate the loan altogether..make a great deal with all cash and own it outright from the beginning.
if the car I wanted was $10K, sure. but that isn't the case 
btw - dealers don't give deals for paying cash since they get all the money right away from the lender.
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| Posted 3/16/08 11:13 AM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: Those of you who purchased a new car
Posted by Blu-ize
how about just paying cash for it? Eliminate the loan altogether..make a great deal with all cash and own it outright from the beginning.
i was thinking the same thing. my DH and i planned a wedding in 9 months. we had to pay for most of it on our own. i was AMAZED at how much money we were able to save when we really buckled down and didn't buy anything we didn't need. i would really love to do this when i need a new car in a year or two,
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| Posted 3/16/08 11:14 AM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: Those of you who purchased a new car
Posted by SweetestOfPeas
Posted by Blu-ize
how about just paying cash for it? Eliminate the loan altogether..make a great deal with all cash and own it outright from the beginning.
if the car I wanted was $10K, sure. but that isn't the case
btw - dealers don't give deals for paying cash since they get all the money right away from the lender.
i was "taught" that you never negotiate payments - you negotiate the cost of the car. so why tell them up front you are paying cash if you won't get as good a deal?
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| Posted 3/16/08 11:15 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Those of you who purchased a new car
Posted by SweetestOfPeas
Posted by Blu-ize
how about just paying cash for it? Eliminate the loan altogether..make a great deal with all cash and own it outright from the beginning.
if the car I wanted was $10K, sure. but that isn't the case
btw - dealers don't give deals for paying cash since they get all the money right away from the lender.
yes they do. Try it. You'd be surprised.
also, if you have the money, why pay the interest? You will pay less for the car if you pay cash. That's just a fact.
Message edited 3/16/2008 11:20:44 AM.
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| Posted 3/16/08 11:17 AM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Those of you who purchased a new car
Posted by headoverheels
Posted by SweetestOfPeas
Posted by Blu-ize
how about just paying cash for it? Eliminate the loan altogether..make a great deal with all cash and own it outright from the beginning.
if the car I wanted was $10K, sure. but that isn't the case
btw - dealers don't give deals for paying cash since they get all the money right away from the lender.
i was "taught" that you never negotiate payments - you negotiate the cost of the car. so why tell them up front you are paying cash if you won't get as good a deal?
I never asked this Q. the dealers I have been dealing with offered that info up front. they get the $ from the bank as soon as you take ownership. so it really doesn't matter if you pay them or the bank does. makes sense I guess
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| Posted 3/16/08 11:19 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Those of you who purchased a new car
Posted by SweetestOfPeas
Posted by headoverheels
Posted by SweetestOfPeas
Posted by Blu-ize
how about just paying cash for it? Eliminate the loan altogether..make a great deal with all cash and own it outright from the beginning.
if the car I wanted was $10K, sure. but that isn't the case
btw - dealers don't give deals for paying cash since they get all the money right away from the lender.
i was "taught" that you never negotiate payments - you negotiate the cost of the car. so why tell them up front you are paying cash if you won't get as good a deal?
I never asked this Q. the dealers I have been dealing with offered that info up front. they get the $ from the bank as soon as you take ownership. so it really doesn't matter if you pay them or the bank does. makes sense I guess
they say that because they make money on the financing. They want you to finance. I wouldn't finance if I didn't have to.
If you really want to pay cash, sit down with the general manager of the dealership. Frankly, the interest rates on savings accounts stink, I would pull the money out and buy the car outright and avoid finance charges all together. That is by far the best deal.
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| Posted 3/16/08 11:22 AM |
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luckysmom
Yes it is! Going as planned:)
Member since 6/07 5339 total posts
Name:
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Re: Those of you who purchased a new car
The salesmen make most of there commission on the finance charges not on the sale of the car. If you talk with a supervisor from the get go i am sure you can make a cash deal. But we bought my car in August and only put 1000.00 down. Our term is 6 years but we are hoping to pay off earlier. I am also going to refinance through teachers for a better interest rate and less terms. If we had the money to buy outright we would have.
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| Posted 3/16/08 11:23 AM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Those of you who purchased a new car
Posted by Blu-ize
Posted by SweetestOfPeas
Posted by headoverheels
Posted by SweetestOfPeas
Posted by Blu-ize
how about just paying cash for it? Eliminate the loan altogether..make a great deal with all cash and own it outright from the beginning.
if the car I wanted was $10K, sure. but that isn't the case
btw - dealers don't give deals for paying cash since they get all the money right away from the lender.
i was "taught" that you never negotiate payments - you negotiate the cost of the car. so why tell them up front you are paying cash if you won't get as good a deal?
I never asked this Q. the dealers I have been dealing with offered that info up front. they get the $ from the bank as soon as you take ownership. so it really doesn't matter if you pay them or the bank does. makes sense I guess
they say that because they make money on the financing. They want you to finance. I wouldn't finance if I didn't have to.
If you really want to pay cash, sit down with the general manager of the dealership. Frankly, the interest rates on savings accounts stink, I would pull the money out and buy the car outright and avoid finance charges all together. That is by far the best deal.
if we had the $ to pay 100% cash, we would. but we're saving for a house, that isn't an option for us. if the dealer gets an incentive from the bank, that would be more of a reason for them not to give you a better deal for paying cash, no?
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| Posted 3/16/08 11:25 AM |
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luckysmom
Yes it is! Going as planned:)
Member since 6/07 5339 total posts
Name:
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Re: Those of you who purchased a new car
Posted by SweetestOfPeas
Posted by Blu-ize
Posted by SweetestOfPeas
Posted by headoverheels
Posted by SweetestOfPeas
Posted by Blu-ize
how about just paying cash for it? Eliminate the loan altogether..make a great deal with all cash and own it outright from the beginning.
if the car I wanted was $10K, sure. but that isn't the case
btw - dealers don't give deals for paying cash since they get all the money right away from the lender.
i was "taught" that you never negotiate payments - you negotiate the cost of the car. so why tell them up front you are paying cash if you won't get as good a deal?
I never asked this Q. the dealers I have been dealing with offered that info up front. they get the $ from the bank as soon as you take ownership. so it really doesn't matter if you pay them or the bank does. makes sense I guess
they say that because they make money on the financing. They want you to finance. I wouldn't finance if I didn't have to.
If you really want to pay cash, sit down with the general manager of the dealership. Frankly, the interest rates on savings accounts stink, I would pull the money out and buy the car outright and avoid finance charges all together. That is by far the best deal.
if we had the $ to pay 100% cash, we would. but we're saving for a house, that isn't an option for us. if the dealer gets an incentive from the bank, that would be more of a reason for them not to give you a better deal for paying cash, no?
Thats why i would go straight to a supervisor rather than a salesman. But then again i am not sure if the managers amke commission like the salesmen do or if they make a commission on the percentage of sales they do in a week or a month.
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| Posted 3/16/08 11:30 AM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Those of you who purchased a new car
Posted by luckysmom
Posted by SweetestOfPeas
Posted by Blu-ize
Posted by SweetestOfPeas
Posted by headoverheels
Posted by SweetestOfPeas
Posted by Blu-ize
how about just paying cash for it? Eliminate the loan altogether..make a great deal with all cash and own it outright from the beginning.
if the car I wanted was $10K, sure. but that isn't the case
btw - dealers don't give deals for paying cash since they get all the money right away from the lender.
i was "taught" that you never negotiate payments - you negotiate the cost of the car. so why tell them up front you are paying cash if you won't get as good a deal?
I never asked this Q. the dealers I have been dealing with offered that info up front. they get the $ from the bank as soon as you take ownership. so it really doesn't matter if you pay them or the bank does. makes sense I guess
they say that because they make money on the financing. They want you to finance. I wouldn't finance if I didn't have to.
If you really want to pay cash, sit down with the general manager of the dealership. Frankly, the interest rates on savings accounts stink, I would pull the money out and buy the car outright and avoid finance charges all together. That is by far the best deal.
if we had the $ to pay 100% cash, we would. but we're saving for a house, that isn't an option for us. if the dealer gets an incentive from the bank, that would be more of a reason for them not to give you a better deal for paying cash, no?
Thats why i would go straight to a supervisor rather than a salesman. But then again i am not sure if the managers amke commission like the salesmen do or if they make a commission on the percentage of sales they do in a week or a month.
I see what you're saying, but that's def not an option for us anyway.
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| Posted 3/16/08 11:37 AM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Those of you who purchased a new car
since you are saving for a house & having your money available to you is important for your downpayment or closing costs, I think you're best bet is to select a car that they are specifically offering good finance deals on. The car I chose wasn't included in the toyota finance special at the time I purchased anyway. Then put the least amount down you can, still getting a monthly payment you are comfy with.
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| Posted 3/16/08 11:43 AM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Those of you who purchased a new car
Posted by KellyFG
since you are saving for a house & having your money available to you is important for your downpayment or closing costs, I think you're best bet is to select a car that they are specifically offering good finance deals on. The car I chose wasn't included in the toyota finance special at the time I purchased anyway. Then put the least amount down you can, still getting a monthly payment you are comfy with.
the car I want is one of the hottest selling cars - figures
but the 2nd part of your statemnt - yup. that's what we're doing. going with a monthly payment that we can live with. we do not plan on sharing that info with any dealer though. we will negotiate on the purchase price, not payments.
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| Posted 3/16/08 11:57 AM |
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Chatham-Chick
*********************
Member since 5/05 10311 total posts
Name:
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Re: Those of you who purchased a new car
$0 down, 5 yr financing.
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| Posted 3/16/08 1:36 PM |
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wannabemom
look who's freshly baked!
Member since 12/07 7364 total posts
Name:
aka marriedinportjeff
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Re: Those of you who purchased a new car
my old car suddenly died, so I had to make the purchase earlier than I intended. (my wedding was 6 months later, and there were a lot of bills!  )
I put 10% down and had it financed for 5 years. after the wedding, we made a few very large payments, so it will be paid off after 2.5 year, not the original 5. (no penalties for early payment)
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| Posted 3/16/08 1:43 PM |
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