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post #1 of 16 Old 10-02-2009, 10:46 AM Thread Starter
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The down payment

ok, just wondering. i priced my car (2ss with the rs option. thats it) it came to be about 34.000. my question is, what should be a good down payment? i was thinking aobut 10gs.

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post #2 of 16 Old 10-02-2009, 11:07 AM
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ok, just wondering. i priced my car (2ss with the rs option. thats it) it came to be about 34.000. my question is, what should be a good down payment? i was thinking aobut 10gs.
I would put down whatever you can afford without totally draining your savings. 10k isn't bad at all.

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post #3 of 16 Old 10-02-2009, 11:28 AM
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Put down as much as you comfortable can and finance for the shortest period of time to save intrest.


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post #4 of 16 Old 10-02-2009, 11:50 AM
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I'm sure there are many on this site who would say "$34,000." For your situation, POWERFREAK's suggestion is probably the best.

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post #5 of 16 Old 10-02-2009, 12:06 PM
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I'm sure there are many on this site who would say "$34,000." For your situation, POWERFREAK's suggestion is probably the best.
$34k would be ideal...although in most cases not realistic.

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post #6 of 16 Old 10-02-2009, 12:49 PM
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Originally Posted by vivatj85 View Post
ok, just wondering. i priced my car (2ss with the rs option. thats it) it came to be about 34.000. my question is, what should be a good down payment? i was thinking aobut 10gs.
I always try to put down enough to get the payments down to about $300/month, that's what works for me. Figure out what the largest monthly payment is you can reasonably afford and use an auto loan calculator to play with the numbers and get the down payment that works.

Btw, my mantra is if you can't afford the down payment to get monthly payments you can afford, then don't buy a new car... but that's just me.

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Last edited by weland; 10-02-2009 at 12:51 PM.
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post #7 of 16 Old 10-02-2009, 12:53 PM
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Well another twist is if you can put your downpayment in an investment that makes more than your interest rate on the car note then finance the entire amount.

Right now with good credit you can get 4.75% at some credit unions.

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post #8 of 16 Old 10-02-2009, 01:05 PM
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I got locked in at 3.75% yesterday for 60 month pre-approval at my credit union. They were having their fall loan "sales". I'm happy about it. I think we're going to finance around 19K or so. Payments will be around 365 or so. Something like that. We usually pay cars off in a bit over 3 years anyway, and the rate is for loans up to 60 months, so it doesn't matter about shortening that much. Difference between 48 month and 60 month interest is approx 1 payment.

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post #9 of 16 Old 10-02-2009, 01:10 PM
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Well another twist is if you can put your downpayment in an investment that makes more than your interest rate on the car note then finance the entire amount.

Right now with good credit you can get 4.75% at some credit unions.
That is the dumbest idea in this thread

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post #10 of 16 Old 10-02-2009, 01:25 PM
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I got locked in at 3.75% yesterday for 60 month pre-approval at my credit union. They were having their fall loan "sales". I'm happy about it. I think we're going to finance around 19K or so. Payments will be around 365 or so. Something like that. We usually pay cars off in a bit over 3 years anyway, and the rate is for loans up to 60 months, so it doesn't matter about shortening that much. Difference between 48 month and 60 month interest is approx 1 payment.
I admire your discipline. Of course I was looking at almost exactly the same thing and ended up going with 60 months, 'cause that extra $65 or so would cover my monthly cell phone bill

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