Halvie89

Ok I am sorry this should be in general but can't post their so I am just posting it here.

My car broke(92 cx...cv joints are gone..both of them...and tranny just went..) I dont feel like replacing them so I am going to get a new car..ep3...I think...

Problem is this just happened like 2 days ago so I dont have a down payment or any spare money to use what so ever...

I know I can get the car with no money down...but what about tax and title....can they include that in the purchase price so I dont have to put anything down...or when people usually buy cars do they pay for that stuff up front...

sorry for the stupid question...thanks for the help

Troy

Halvie89

also if I decide to buy a used car are my chances of getting it a lot worse because I do no have a down payment? Thanks again

Troy

Halvie89

up

Rice Cooker

if you ask, the dealer will most likely add the tax and title to the financing of the car. as far as the no down payment, most used car dealers will want one, but there are some that might not. the best way to find out is to ask the dealer.

nuc79

Car-Buying 101

Here's what to do: find a really good deal on a car. Tell the dealer that you have your own financing. DO NOT let a used car dealer finance you!!! Especially at anything above 10% APR!!! (The feds just cut interest rates another .25% today, lowest rates since '58. NOBODY should be paying more than 10% percent on a car loan with these rates, regardless of your down payment or credit history.)
DO NOT fill out a loan application for them, no matter how much they insist!!! You will almost always find better used car financing at a bank or credit union.
Remember, every time a dealer pulls your report, it's a hit against your credit score.

Agree on a bottom dollar price and have them write up the buyer's order, complete w/ tax/title/fees(by the way, document/processing fees are BS fees, strictly profit for the dealer, so haggle with them on this). You will have to sign it stating that you agree with the figures presented to you, but you are not obligated to buy the car yet. Leave the car with them and take this piece of paper to your bank, or better yet, a local credit union for credit approval. If your credit doesn't get approved, oh well, no skin off your ***, and at least you're not getting raped with a 20% car loan through dealer financing.

Or best yet, get a PREAPPROVAL amount from your local bank/ credit union before going shopping. They'll tell you how much they can loan you, and at what rate. Just give them general info for the car you will be looking for(year/make/model/trim/miles/price), then find an individual selling the car in the classifieds. There's always a misconception that you can't finance a car that is being bought from a person. This is wrong, and you almost ALWAYS get a better deal buying an older car from a person rather than a dealer. Plus, it's so much more fun to go car shopping knowing that you already have the financing to back it up. When you don't, the dealers try to put you at their mercy for financing.

Good luck


Modified by nuc79 at 11:38 AM 6/26/2003