Question about getting a loan
08-01-2008, 07:17 PM
#1
Question about getting a loan I'm not really sure where to put this so I figured I'd put it here since this is about getting me into and LSX Automobile.
I've found my WS6 and now I'm getting ready to try to get a loan. The car is $15,000 and I have $5,000 cash. Would it be better to get a loan for $15,000 with $5,000 down -or- $10,000 with zero down?
It's probably a stupid question but it's the first time I've applied for a loan without a co signer. Plus, it's also my first used car.
I've found my WS6 and now I'm getting ready to try to get a loan. The car is $15,000 and I have $5,000 cash. Would it be better to get a loan for $15,000 with $5,000 down -or- $10,000 with zero down?
It's probably a stupid question but it's the first time I've applied for a loan without a co signer. Plus, it's also my first used car.
08-01-2008, 07:26 PM
#2
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If the car is a private sale, you will be getting a loan from a bank right? There really isn't a downpayment with a bank loan. They will usually only give you 80% of the value of the car. The value is by there book, i dont remember the book they use. So what I would do is get a loan for 10,000 if they will give you that much (depends on your credit), and give the guy the check from the bank, and 5000 cash.
08-01-2008, 07:32 PM
#3
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if you have any credit and income places like chase.com finance 10k for 8% APR and u can do 48-72month for terms and they do private auto loans just has to be in the range of what there computer says its worth
08-01-2008, 07:33 PM
#4
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The bank should give you either amount if you have good credit. Obviously with the 10k loan your payment will be cheaper, and thats what I would go with. I dont know your financial situation, but the smallest loan payment is always the best one.
Im sure you want to mod the car too....so you have to make the choice, 10k loan and 5k cash for the car and wait for mods later, or 15k loan and have 5k for mods right now...
Im sure you want to mod the car too....so you have to make the choice, 10k loan and 5k cash for the car and wait for mods later, or 15k loan and have 5k for mods right now...
08-01-2008, 10:44 PM
#5
The bank should give you either amount if you have good credit. Obviously with the 10k loan your payment will be cheaper, and thats what I would go with. I dont know your financial situation, but the smallest loan payment is always the best one.
Im sure you want to mod the car too....so you have to make the choice, 10k loan and 5k cash for the car and wait for mods later, or 15k loan and have 5k for mods right now...
Im sure you want to mod the car too....so you have to make the choice, 10k loan and 5k cash for the car and wait for mods later, or 15k loan and have 5k for mods right now...
08-02-2008, 09:54 AM
#7
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Set aside some $$ Whatever you decide just make sure you have put aside some money for repairs or something needed that you were NOT expecting. One mantra to remember when buying used cars, "EVERY USED CAR NEEDS SOMETHING". Payments and repairs = unhappy owner. Don't get yourself in that position. If a $300 repair is needed in a few months, no sweat because you have the money all set to spend on it. Good luck with your car. I hope it gives you MANY miles of smiles. 
Last edited by NC01TA; 08-02-2008 at 09:55 AM. Reason: Correction
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08-02-2008, 11:35 AM
#9
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Pay it off as soon as you can. drive it for a while to see if any issues or needed repairs become apparent.
Modding is optional. These cars are a blast to drive as is.
08-03-2008, 01:06 AM
#10
Whatever you decide just make sure you have put aside some money for repairs or something needed that you were NOT expecting. One mantra to remember when buying used cars, "EVERY USED CAR NEEDS SOMETHING". Payments and repairs = unhappy owner. Don't get yourself in that position. If a $300 repair is needed in a few months, no sweat because you have the money all set to spend on it. Good luck with your car. I hope it gives you MANY miles of smiles.
That, my friend, sounds like the plan! I freaking can't wait until Monday!
08-03-2008, 12:05 PM
#12
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Word on the repair fund, I have $1,000 sitting at the bank just in case I need some repairs. Plus, I have a brand new LQ4 sitting on the engine stand for my truck (02 Silvy) that I can install in the bird if need be.
That, my friend, sounds like the plan! I freaking can't wait until Monday!
That, my friend, sounds like the plan! I freaking can't wait until Monday!
08-03-2008, 08:59 PM
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08-04-2008, 01:03 AM
#16
I'm on it if it's still availible. I gotta call the people up Monday morning to see if it's still for sale. 
The LQ4 is destined for the Silverado, the 5.3 is just a pig in my lifted ECSB.
I'm already looking at a SLP Intake, Pacesetter Headers and a 100-Shot. 