Think im in good shape.

[GeauxLSU]

Here is the deal. Been saving for a car that i want. Found a dealership that is selling one for 12k. This will be the first car that I buy from a dealership. This is what i will have when I go see if I can get it. $7,500 to put a down payment. I have a CS over 700. Pretty sure I can get it but will be asking if I can do a 4to 5 year loan but I can pay it off in a year

Keep saving or get a 12 month loan. No way I'd get a 5 year loan on a used car.

 

[Tony2X]

Here is the deal. Been saving for a car that i want. Found a dealership that is selling one for 12k. This will be the first car that I buy from a dealership. This is what i will have when I go see if I can get it. $7,500 to put a down payment. I have a CS over 700. Pretty sure I can get it but will be asking if I can do a 4to 5 year loan but I can pay it off in a year

If they are askin 12...they will take 10. Go to a credit union and get a loan for the rest of the cash...pay for the car in cash. You throw 10 grand cash on the table..they aint gonna say no.
That's what I'd do anyway.

 

[BHJ]

Make sure the loan is fee simple. Insist on the bottom dollar lowest "price" and act as if you want to finance the whole amount. They will count on making their money off of the financing. At the first payment make two. One for the payment due and the chunk you were talking about putting down marked to be applied to loan principal.
This method works and will save you money.
If you tell em you have cash I guarantee you will pay more for the car.

 

[Stuckon22]

Keep saving, you can buy a good car with the cash you have now. Want vs need. Make a decision tree with long term goals. Yeah I know Dave Ramsey....but it works, I can say that from experience. Good luck!

 

[albatros43]

Yeah, I don't understand financing $4500 for 48-60 months. There's been good advice given to wait until you have all the cash saved up as well.

 

[oldmetlfan]

Yeah, I don't understand financing $4500 for 48-60 months. There's been good advice given to wait until you have all the cash saved up as well.

I agree x2. Get a loan lined up elsewhere before you go to buy. Don't use their loan, even if you pay off early you'll pay more interest.
Play the game like you are going to use their finance companies though.
Don't forget about the registration fee also, quite a bit more now than it used to be.

 

[aloo1]

If they are askin 12...they will take 10. Go to a credit union and get a loan for the rest of the cash...pay for the car in cash. You throw 10 grand cash on the table..they aint gonna say no.
That's what I'd do anyway.

The interest rate on a loan for the remaining cash will be at least 4x what the rate would be if he just financed the rest of the car for 24-36 months. Remember, He's going to pay it off in a year anyways so he will only be paying a very low interest rate for 12 months on the same amount he would be paying a signature loan rate for 12 months. Does not make sense to get a signature loan for the remaining cash for this vehicle.

 

[Realstudent368]

if they dont want to give you what you want with your position walking in, get up and head for the door....guaranteed the sales guy will be chasing your tail to the door to keep you there....best of luck!

Especially if he knows you got a pocket full of cash...


No way they let you leave...
They love to take the keys Of What ever you are driving...

 

[Tony2X]

The interest rate on a loan for the remaining cash will be at least 4x what the rate would be if he just financed the rest of the car for 24-36 months. Remember, He's going to pay it off in a year anyways so he will only be paying a very low interest rate for 12 months on the same amount he would be paying a signature loan rate for 12 months. Does not make sense to get a signature loan for the remaining cash for this vehicle.

LOL...what credit union are you goin to?

 

[sparked1]

If they are askin 12...they will take 10. Go to a credit union and get a loan for the rest of the cash...pay for the car in cash. You throw 10 grand cash on the table..they aint gonna say no.
That's what I'd do anyway.

No bank or credit union is going to give you cash unless it's a hard money loan, which carries a considerably higher rate. You'll be able to buy it outright, but you won't be able to throw 10 grand on the table like a baller.