Down Payment

Stone17

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I am still looking for a new but I want to put a down payment on the car.
How much would be a good down payment?
Right now I have around $1600 in my saving.
I was thinking maybe $4,000 - $5,000 would be good.

I dont know how long the Mark VIII will last being a DD.I am going to be adding about 1q of oil every week.
 
Last edited:
1Q a week is very excessive oil usage.

Down payment doesn't matter, interest does, and your income.

if you get sub 5% interested pay as little down as possible since inflation is 5% and you're basically not paying to borrow money.
 
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Any downpayment on a new vehicle is delaying depreciation. Buy a 2 year old car with the same downpayment and hold the term to 36 to 48 months at the best rate you can find.
 
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Any downpayment on a new vehicle is delaying depreciation. Buy a 2 year old car with the same downpayment and hold the term to 36 to 48 months at the best rate you can find.

I dont want a new but a used car.
 
Depends on how good you are with your finances, your credit rating, and the interest on the loan. You may get a lower rate if you put more down since the bank it taking less of a risk. If you have outstanding credit then you can get the best rate with little to no money down.
 
Wanna know when you can actually afford a car? When you have the cash to buy it. If you have the cash amount and want to finance, fine. If you don't have the actual cash amount then buy something with the actual cash amount you do have. $1600? Buy a $1600 car or get yours fixed.
 
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