What's a good downpayment on an S2k?
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B*a*n*n*e*d
Joined: May 2002
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From: Denver, CO
What's a good downpayment on an S2k?
I'm really trying to figure out if I can afford an S2k or not, I just have to buy the car, and my parents are being awesome and paying for insurance (everything is under my dads name).
Right now I have maybe $7k cash available. I did quick math and found out that if I can come up with $12k for a down payment I would only have to work about 20 hours a week to pay off a 60 month loan. I guess I should mention Im not even considering buying used, I have my reasons so please don't bring it up.
How much did you put down?
Right now I have maybe $7k cash available. I did quick math and found out that if I can come up with $12k for a down payment I would only have to work about 20 hours a week to pay off a 60 month loan. I guess I should mention Im not even considering buying used, I have my reasons so please don't bring it up.
How much did you put down?
Honda-Tech Member
Joined: Apr 2003
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From: Somewhere in, IL, United States
Re: What's a good downpayment on an S2k? (GetawayinMoscow)
i suggest get a loan from ur credit union if you have one and pay it in full ... credit union has less interest compare if you get from the dealer and the APR % would rape you in the *** ...
Honda-Tech Member
Joined: Mar 2004
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From: London, UK
Re: What's a good downpayment on an S2k? (Y2K_S2K)
humm never thought of the credit union thing, so you mean just get a random loan from them?? just to have the money?? and then buy the car, so you'll have the title and all that, while you just pay off the money you got from credit union??
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Joined: Apr 2003
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From: Somewhere in, IL, United States
Re: What's a good downpayment on an S2k? (03s2kblue)
<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by 03s2kblue »</TD></TR><TR><TD CLASS="quote">humm never thought of the credit union thing, so you mean just get a random loan from them?? just to have the money?? and then buy the car, so you'll have the title and all that, while you just pay off the money you got from credit union?? </TD></TR></TABLE>
ure smart *pat in the back* ...
ure smart *pat in the back* ...
Joined: Feb 2005
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From: Woodstock, GA, 30188
Re: What's a good downpayment on an S2k? (03s2kblue)
What would you suggest to a young person who hasn't established their credit yet? I am young, and I JUST got a credit card, but I have a decent down-payment, and I can afford the payments.
The dealer wants to do like 11% interest for 66 months, and with a $1,000 down-payment, it's gonna be $370 a month.
My bank won't give a loan for more than 36 months on a car that's 5 years old, so even at like 9.8% the monthly payments would have been like $600 something. Forget that.
What ever happened to "1st Time Buyer, low interest rates!" and "Are you a college student? Come on down!"
Is that really only for NEW cars?
:/ help?
P.S. Although my down-payment is very small, I will have money left over, which I am using to build and sell modded 240SX's. Lets say I make $5,000 after a couple months of doing it, would it be cost-effective to apply that towards the principle of what I owe on the car? Is that even possible?
The dealer wants to do like 11% interest for 66 months, and with a $1,000 down-payment, it's gonna be $370 a month.
My bank won't give a loan for more than 36 months on a car that's 5 years old, so even at like 9.8% the monthly payments would have been like $600 something. Forget that.
What ever happened to "1st Time Buyer, low interest rates!" and "Are you a college student? Come on down!"
Is that really only for NEW cars?
:/ help?
P.S. Although my down-payment is very small, I will have money left over, which I am using to build and sell modded 240SX's. Lets say I make $5,000 after a couple months of doing it, would it be cost-effective to apply that towards the principle of what I owe on the car? Is that even possible?
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Honda-Tech Member
Joined: Dec 2002
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From: BeaveRun, PA, USA
Re: (pills_PMD)
<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by pills_PMD »</TD></TR><TR><TD CLASS="quote">if you are a student... two words: student loan.
not that i speak from experience or anything
</TD></TR></TABLE>
Works wonders when you need engine stuff.
Back to the credit union thing...go that route if you can. Without my loan agreement in hand I couldn't give you exact figures, but I did save a TON of money by going to my credit union. This way I just went to the dealership with a check made out to them and myself, and took my checkbook to pay for the tax and other fees. The best interest rate Honda would give me at the time was 9.0%. I got half that through my credit union.
not that i speak from experience or anything
</TD></TR></TABLE>Works wonders when you need engine stuff.
Back to the credit union thing...go that route if you can. Without my loan agreement in hand I couldn't give you exact figures, but I did save a TON of money by going to my credit union. This way I just went to the dealership with a check made out to them and myself, and took my checkbook to pay for the tax and other fees. The best interest rate Honda would give me at the time was 9.0%. I got half that through my credit union.
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Joined: Feb 2003
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From: Northern Virginia home of missing hondas, USA
Re: What's a good downpayment on an S2k? (YoshiS2K)
<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by YoshiS2K »</TD></TR><TR><TD CLASS="quote">What would you suggest to a young person who hasn't established their credit yet? I am young, and I JUST got a credit card, but I have a decent down-payment, and I can afford the payments.
The dealer wants to do like 11% interest for 66 months, and with a $1,000 down-payment, it's gonna be $370 a month.
My bank won't give a loan for more than 36 months on a car that's 5 years old, so even at like 9.8% the monthly payments would have been like $600 something. Forget that.
What ever happened to "1st Time Buyer, low interest rates!" and "Are you a college student? Come on down!"
Is that really only for NEW cars?
:/ help?
P.S. Although my down-payment is very small, I will have money left over, which I am using to build and sell modded 240SX's. Lets say I make $5,000 after a couple months of doing it, would it be cost-effective to apply that towards the principle of what I owe on the car? Is that even possible?</TD></TR></TABLE>
11% thats fuckn nuts!!!!!
I was at 5.9% from Honda.After a year or so I switch it to E-loan.com
I pay 4.5% now.Shop around your get the best prices on the net!!!
01 s2000 silverstone/red
91 mr2 turbo
The dealer wants to do like 11% interest for 66 months, and with a $1,000 down-payment, it's gonna be $370 a month.
My bank won't give a loan for more than 36 months on a car that's 5 years old, so even at like 9.8% the monthly payments would have been like $600 something. Forget that.
What ever happened to "1st Time Buyer, low interest rates!" and "Are you a college student? Come on down!"
Is that really only for NEW cars?
:/ help?
P.S. Although my down-payment is very small, I will have money left over, which I am using to build and sell modded 240SX's. Lets say I make $5,000 after a couple months of doing it, would it be cost-effective to apply that towards the principle of what I owe on the car? Is that even possible?</TD></TR></TABLE>
11% thats fuckn nuts!!!!!
I was at 5.9% from Honda.After a year or so I switch it to E-loan.com
I pay 4.5% now.Shop around your get the best prices on the net!!!
01 s2000 silverstone/red
91 mr2 turbo
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